Fxwirepro: Eur/usd Approaching Strong Resistance at 1.0818, Bearish in the Short Term

• The pair failed to close above resistance level at 1.0907, and is moving downwards to break support level at 1.0819.

• The pair is currently trading around 1.0840 levels. It is expected decline further towards 1.0750 and later 1.0700.

• Short rally around 1.0850 should be taken as selling opportunities, as Euro is weak against the US dollar in the short term.

• To the upside, the strong resistance can be seen at 1.0907, a break above this level would take it to upside to next resistance level at 1.0955.

• To the downside immediate support can be seen at 1.0819, a break below this level will take the pair to next level at 1.0783.

Recommendation: Go short below 1.0850, targets 1.0790, 1. 0760, SL 1.0980

Resistance Levels

R1: 1.0907 (61.8% Retracement level of 1.1190 to 1.0450)

R2: 1.0955           

R3: 1.1015

Support Levels

S1: 1.0819

S2: 1.0783

S3: 1.0732(38.2% Retracement level)

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