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- EUR /USD pair declined on Tuesday as sellers stepped in following better than expected U.S. housing starts data supported the view that U.S. economy is gaining strength.
- Further gains for the pair should be limited as the resistance level at 1.1080 levels which should limit upside and bring a decline towards lower levels in the short term.
- To the upside, the strong resistance can be seen at 1.1080, a break above this level would take the pair towards next resistance level at 1.1120.
- To the downside immediate support can be seen at 1.1000 levels, a break below this level will open the door towards next level at 1.0965.
Resistance Levels
R1: 1.1054 (61.8% Retracement level)
R2: 1.1080 (Daily high)
R3: 1.1120 (July 13th high)
Support Levels
S1: 1.1000 (50% Retracement level)
S2: 1.0965 (38.2% Retracement level)
S3: 1.0910 (23.6% Retracement level)
