- EUR /USD after Fridays bounce towards 1.0994 levels slipped lower in the earlier sessions. However, after finding minor support at 1.0944, the pair has bounced towards 1.0980 levels.
- Further the decline is expected to be limited as the pair faces strong support at 1.0930 and it is expected to advance further towards 1.1100 and 1.1080 levels in the short term it’s good to buy this pair on dips.
- To the upside, the strong resistance can be seen at 1.0000, a break above will take the pair towards next resistance level at 1.1044.
- To the downside immediate support can be seen at 1.0930 levels, a break below will open gates towards 1.0882 levels.Recommendation: Go long around 1.0940, targets 1.1040, 1.1100, SL 1.0882 Resistance LevelsR1: 1.0000 (Psychological level)R2: 1.1044 (Dec 9th high)R3: 1.1090 (Oct 10th high)Support LevelsS1: 1.0930 (38.2% Retracement level)S2: 1.0882 (50% Retracement level)S3: 1.0830 (61.8% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com