- The pair is trading around 1.0971 levels and it is expected decline towards 1.1000 and 1.0950 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 1.0931(38.2% Retracement level), a break below this level will open the door towards next level at 1.0884 levels.
Recommendation: Go short below 1.0980, targets 1.0940, 1. 0880, SL 1.1050
R1: 1.0991 (July 31st high)
R2: 1.1006 (61.8% Retracement level of 1.1127 to 1.0806 )
R3: 1.1035 (July 15th high)
S1: 1.0931 (38.2% Retracement level)
S2: 1.0884 (23.6% Retracement level)
S3: 1.0868 (July 22nd lows)
The material has been provided by InstaForex Company – www.instaforex.com