FxWirePro: EUR/USD reverses recent rally, bias back to downside

EUR /USD pair inched higher initially on Friday on reduced expectations of a U.S. interest-rate hike this year. But declined, after better-than-expected U.S. ISM manufacturing index figures.

• At the moment the pair is trading around 1.1143 levels and it is expected to decline towards 1.1100 and 1.0050 levels as the resistance level at 1.1189 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
   
• To the upside, the immediate resistance can be seen at 1.1157, a break above this level would take the pair towards next resistance level at 1.1189 levels.
   

To the downside immediate support can be seen at 1.1123 levels, a break below this level will open the door towards next level at 1.1083.

Resistance Levels

R1: 1.1157 (50% Retracement level)

R2: 1.1189 (61.8% Retracement level)

R3: 1.1250 (June 15th high)

Support Levels

S1: 1.1123 (38.2% Retracement level)

S2: 1.1083 (23.6% Retracement level)

S3: 1.1018 (June 30th lows)