Fxwirepro: Eur/usd Approaching Resistance Level at 1.1106, Bullish in the Short Term

• The pair has bounced back massively from 1.1000 levels in the European session to hit daily highs at 1.1090, the pair has broken resistance level at 1.1080 level  and inching upwards to reach next resistance level at 1.1105 pair is currently trading around 1.1088 levels and it is expected advance  further towards 1.1120 and 1.01160  in the short term.

• Short pullback around 1.1080 should be taken as buying opportunities, as Euro is stronger to US dollar in the short term.

• To the upside, the strong resistance can be seen at 1.1131, a break above this level would take it to upside to next resistance level at 1.1161 levels.

• To the downside immediate support can be seen at 1.1080 (61.8% Retracement level0, a break below this level will take the pair to next level at 1.1048.

Recommendation: Go long above 1.1080, targets 1.1120, 1. 1160, SL 1.1040

Resistance Levels

R1: 1.1106 (July 27^th high)

R2: 1.1131 (38.2% Retracement level)

R3: 1.1163 (23.6% Retracement level)

Support Levels

S1: 1.1080 (61.8% Retracement level of 1.1000 to 1.1214)

S2: 1.1048 (July 27^th lows)

S3: 1.0998(July 14^th  lows)

The material has been provided by InstaForex Company – www.instaforex.com