- EUR /USD after hitting daily highs at 1.0966 levels has retreated back to trade around 1.0942 levels. Further the upside is expected to be limited as the pair faces strong resistance at 1.1000 levels and it is expected to decline downwards towards 1.0900 and 1.850 levels in the coming days.Therefore, it’s good to sell this pair around 1.0960 levels.
- To the upside, the strong resistance can be seen at 1.1000, a break above will take the pair towards next resistance level at 1.1044.
- To the downside immediate support can be seen at 1.0930 levels, a break below will open the door towards next level at 1.0870.Recommendation: Go short around 1.0960, targets 1.0900, 1.0850, SL 1.1050Resistance LevelsR1: 1.1000 (50% Retracement leve )R2: 1.1044 (Dec 9th high)R3: 1.1090 (Oct 10th high)Support LevelsS1: 1.0930 (38.2% Retracement level)S2: 1.0870 (Dec 23rd low)S3: 1.0800(Dec 18th low)
The material has been provided by InstaForex Company – www.instaforex.com