The EUR/USD pair has declined towards lower levels on Wednesday as the US dollar gained strength across the board after ADP Employment data printed positive figures. The pair fell down to hit low at 1.0825 and has been unable to sustain gains beyond the 1.0860 level afterwards.
- At the moment the pair is trading around 1.0851 levels and it is expected to decline further towards 1.0800 and 1.0700 levels as the resistance level at 1.0885 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
- To the upside, the strong resistance can be seen 1.0885, a break above this level would take the pair towards next resistance level at 1.0934 levels.
- To the downside immediate support can be seen at 1.0845 levels, a break below this level will open the door towards next level at 1.0795.
Recommendation: Go short around 1.0885, targets 1.0800, 1.0720, SL 1.0980
Resistance Levels
R1: 1.0885 (50% Retracement level)
R2: 1.0934 (61.8% Retracement level)
R3: 1.0965 (Feb 29th high)
Support Levels
S1: 1.0845 (50% Retracement level)
S2: 1.0795 (38.2% Retracement level)
S3: 1.0708 (Jan 7th lows)
