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Short

EUR/USD key resistance at 1.0762, bearish in the short term

FX:EURUSD   Euro/U.S. Dollar
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The EUR/USD             pair opened today with gap and started to decline in the Asian session, as the euro             was broadly sold across the board in the aftermath of Paris atrocities. As a result the major European currencies also have continued to weaken. The EUR/USD             pair broke below 1.0700 levels during late American trading hours, by hitting a fresh 1 week low around 1.0680. The ongoing weakness for the pair is set to continue, as the pair remains well below its daily pivot point located at 1.0718.

Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bearish slope, the RSI is indicating towards downside at 37.

To the upside, the strong resistance can be seen at 1. 0762, a break above this level would expose the pair to next resistance level at 1.0812 levels.

To the downside strong support can be seen at 1.5658, a break below at this level will open the door towards next level at 1.0610.

Recommendation: Go short around 1.0700/1.0720, targets around 1.0640/1.0600, SL 1.0820

Support levels: 1.5658 1.0610 1.0560

Resistance levels: 1.0702 1.0762 1.0812

Thanks. Let me ask a question : how do you calculate support and resistance levels ?
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