Fxwirepro: Eur/usd Key Resistance at 1.0934, Downside Prevails in the Short Term

  • The EUR/USD has slipped sharply lower on Monday, after Eurozone CPI fell short of expectations in February. The pair hit low at 1.0845 before recovering to trade at 1.0880 levels. 
  • The ongoing bearish trend is set to continue for this pair as the resistance level at 1.0934 is likely to act as strong barrier to the bulls and bring further decline towards higher levels. Therefore, its good to sell this pair around 1.0920 levels.
  • To the upside, the strong resistance can be seen 1.0934, a break above this level would take the pair towards next resistance level at 1.0965 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 1.0920, targets 1.0840, 1.0770, SL 1.0950Resistance LevelsR1: 1.0890 (Daily high)R2: 1.0934 (61.8% Retracement level)R3: 1.0965 (Feb 29th high)Support LevelsS1: 1.0845 (50% Retracement level)S2: 1.0795 (38.2% Retracement level)S3: 1.0708 (Jan 7th lows)

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