Fxwirepro: Eur/usd Breaks Support 1.1050, Sell Deals are recommended Below 1.1050

• EUR /USD fell back from 1.1194 level (July 13^st high ) after riding high on Greece deal. The pair and is trying to test support level at 1.1050.

• The pair is currently trading around 1.1067 level. It is expected decline further towards 1.1000 and later 1.0950.

• Short rally around 1.070 should be taken as advantage for selling opportunities, as Euro is weak against the US dollar in the short term.

• To the upside, the strong resistance can be seen at 1.1134(61.8% Retracement level), A break above this level would take it to upside to next resistance level at 1.1170.

To the downside immediate support sits at 1.1050 (38.6% Retracement level) a break below this level will take the pair to next level at 1.1000.

Recommendation: Go short below 1.1050, targets 1.1020, 1. 0980, SL 1.1160

Resistance Levels

R1: 1.1093           

R2: 1.1134(61.8% Retracement level)     

R3: 1.1170(July 1^st high)

Support Levels

S1: 1.1050 (38.2% Retracement level)

S2: 1.1027           

S3: 1.0988(23.6% Retracement level)

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