- The EUR/USD pair has declined towards lower levels, as the US has gained strength across the board after the trading volumes around the world has slowly increased after markets have opened from Christmas holiday break.
- At the moment the pair is trading around 1.0916 levels and it is expected to decline further towards 1.0880 and 1.0820 levels as the resistance level at 1.000 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 1.1000, a break above this level would take the pair towards next resistance level at 1.0050 levels.
- To the downside immediate support can be seen at 1.0900 levels, a break below this level will open the door towards next level at 1.0870.Recommendation: Go short around 1.0925, targets 1.0880, 1.0820, SL 1.1100Resistance LevelsR1: 1.0965 (50% Retracement level)R2: 1.1000 (61.8% Retracement level)R3: 1.1058 (Dec 15th high)Support LevelsS1: 1.0900 (Psychological levels)S2: 1.0870 (23.6% Retracement level)S3: 1.0847 (Dec 21st lows)
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