- EUR /USD has pair has made short squeeze against US dollar by hitting high at 1.0642 during mid-morning US session, after the pair found support at 1.0565. However, the gains should be limited around 1.0670 as the resistance level at 1.0693 is set to hold the bulls from advancing further, and bring a decline towards lower levels, therefore it’s good to sell this pair around 1.0670 levels.
- To the upside, the strong resistance can be seen at 1.0693, a break above this level would take the pair towards next resistance level at 1.0765 levels.
- To the downside immediate support can be seen at 1.0606 levels, a break below this level will open the door towards next level at 1.0565.Recommendation: Go long short around 1.0670, targets 1.600, 1.0550, SL 1.0700Resistance LevelsR1: 1.0648 (50% Retracement level)R2: 1.0693 (61.8% Retracement level)R3: 1.0765 (Nov 19th high)Support LevelsS1: 1.0606 (50% Retracement level)S2: 1.0565 (Daily lows)S3: 1.0500 (Psychological levels)
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