FxWirePro: EUR/USD retraces from 1.1189, range-bound into European open, good to sell rallies

EUR/USD retraces from 1.1189 highs reached in early Asia, trades range-bound as the single currency takes a breather from its recent upsurge

• The pair ticking lower, hit lows by 1.1129 and is currently trading at 1.1118, day's range 1.1189/1.1120
• Daily price action was rejected at Double-Top by 1.1214 on Wednesday, daily RSI is biased lower and is at overbought levels
• We see downward pressure in the near term and suggest selling rallies, bearish trend negated only on breaks above 1.1214
• Markets gear up for ECB July 16 monetary policy account due to be published later in the session

Recommendation: Sell rallies around 1.1125/30, SL: 1.1200, TP: 1.1020

Resistance Levels:

R1: 1.1199 (61.8% Fibo 1.1440-1.0808)
R2: 1.1214 (Double-Top)
R3: 1.1245 (Daily High Jun 30)

Support Levels:

S1: 1.1090 (55-Day MA)
S2: 1.1024 (Hourly Low Aug 12)
S3: 1.1003 (Tenkan-Sen)