- The pair is trading slightly above daily 23.6% Fibonacci level at 1.0981. The pair found some bullish movement, in the mid-European session. The resistance level 1.1005 is strong and it is expected to hold the bulls from advancing further.
- The pair is trading around 1.0986 levels and it is expected decline towards 1.0960 and 1.0900 levels in the short term.
- To the upside, the strong resistance can be seen at 1.1006, a break above this level would take the pair towards next resistance level at 1.1035 (July 15th high) levels.
- To the downside immediate support can be seen at 1.0958 (Aug 4th Lows) , a break below this level will open the door towards next level at 1.0928 (38.2% Retracement level).
Recommendation: Go short below 1.0990, targets 1.0940, 1. 0880, SL 1.1080
R1: 1.1005 (61.8% Retracement level of 1.1128 to 1.0806)
R3: 1.1080 (July 29th high)
S1: 1.0958 (Aug 4th Lows)
S2: 1.0928 (38.2% Retracement level)
S3: 1.0880 (23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com