Fxwirepro: Eur/usd Key Resistance at 1.1327, Upside Prevails in the Short Term

• The pair has continued to inching higher against US dollar after Wednesday’s dovish Fed meetings. The pair has broken resistance at 1.1275 levels and is all set to test resistance level at 1.1327. Euro is expected to remain stronger against US dollar in the short term , as the pair is trading above demand level 1.1250 price action. The pair is set to advance further towards 1.1350 and 1.1380 in the short term.

• To the upside, the strong resistance can be seen at 1.1327 (23.6% Retracement level), a break above this level would take the pair towards next resistance level at 1.1347(June 10^th high).

• To the downside immediate support can be seen at 1.1275 (32.8% Retracement level), a break below this level will open the door towards next level at 1.1222 (50% Retracement level).

Recommendation: Go long above 1.1280, targets 1.1330, 1. 1350, SL 1.1200

Resistance Levels

R1: 1.1304(Aug 21^st high)

R2: 1.1327 (23.6% Retracement level)

R3: 1.1347(June 10^th high)

Support Levels

S1: 1.1275 (32.8% Retracement level)

S2: 1.1222 (50% Retracement level)

S3: 1.1167 (61.8% Retracement level)

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