- EUR /USD pair inched towards 1.0680 levels in European session after German ZEW Economic Sentiment posted better than expected figures. However, the has pair failed to break above resistance level located at 1.0688 and is weakening further below. Any advance should be limited around 1.10688 levels as this area is set to act as strong barrier to the bulls. Therefore its good sell this pair around 1.0690.
- To the upside, the strong resistance can be seen at 1.0689, a break above this level would take the pair towards next resistance at 1.0760.
- To the downside immediate support can be seen at 1.0640 levels, a break below this level will open the door towards next level at 1.0600.Recommendation: Go short around 1.0690, targets 1.0640, 1.0600, SL 1.0780Resistance LevelsR1: 1.0689 (38.2% Retracement level)R2: 1.0760 (50% Retracement level)R3: 1.0828 (61.8% Retracement level)Support LevelsS1: 1.0640 (Daily lows)S2: 1.0600 (23.6% Retracement level)S3: 1.0557 (Feb 5th lows)
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