- EUR/USD has inched higher from 1.0860 levels to hit high at 1.0933 in late US Session, after US stocks shed some gains as US crude prices fell, cutting short a rally inspired by raising hopes for more stimulus measures in china and earnings reports in the United States.
- The pair has rebounded back in quick succession and erased the earlier losses to trade at 1.0930 levels, however, Euro is set to come under pressure as the US dollar is set to strengthen on speculation of more US rate hikes.
- To the upside, the strong resistance can be seen at 1.0971, a break above this level would expose to cable to next resistance level at 1.1000.
- To the downside immediate support can be seen at 1.0877, a break below will open the door towards next level at 1.0817.Recommendation: Go short around 1.0960, targets 1.0900, 1.0860, SL 1.1050Resistance LevelsR1: 1.0930 (50% Retracement Level)R2: 1.0971 (61.8% Retracement Level)R3: 1.1000 (Psychological levels)Support LevelsS1: 1.0877 (38.2% Retracement Level)S2: 1.0817 (23.6% Retracement Level)S3: 1.0772 (Jan 4th lows)
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