- EUR /USD pair has made short squeeze against US dollar by hitting high at 1.1226 in the early US session, after the pair found support at 1.1166.
- However, the gains should be limited as the resistance level at 1.1234 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 at 1.1261, a break above this level would take the pair towards next resistance level at 1.1300 levels.
- To the downside immediate support can be seen at 1.1201 levels, a break below this level will open the door towards next level at 1.1166.
Resistance Levels
R1: 1.1234 (61.8% Retracement level)
R2: 1.1261 (March 22nd high)
R3: 1.1300 (March 18th high)
Support Levels
S1: 1.1201 (50% Retracement level)
S2: 1.1166 (38.2% Retracement level)
S3: 1.1124 (23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com