- The pair found renewed bullish momentum after breaking resistance level at 1.0850 and is inching upwards to test next resistence level at 1.0950.
- The pair is trading around 1.0908 levels and it is expected advance further towards 1.0940 and 1.0980 levels in the short term.
- Short pullback around 1.0880 should be viewed as buying opportunities, as Euro is stronger against the US dollar in intraday trading.
- To the upside, the strong resistance can be seen at 1.0950, a break above this level would take it to upside to next resistance level at 1.0997 handle.
- To the downside immediate support can be seen at 1.0850, a break below this level will take the pair to next level at 1.0800 levels.Recommendation: Go long around 1.0880, targets 1.0940, 1. 980, SL 1.0800Resistance LevelsR1: 1.0950 (50% Retracement level)R2: 1.0997(Dec 28th high)R3: 1.1050 (61.8% Retracement level)Support LevelsS1: 1.0850 (38.2% Retracement level)S2: 1.0800 (Psychological levels)S3: 1.0767 (Jan 7th lows)
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