FX.co ★ Technical analysis of EUR/USD for May 10, 2016

EUR/USD found the resistance near 1.1480 area and had a clean bounce off 261.8% Fibs applied to the first corrective wave after the 1.1060 resistance breakout. The clean rejection of this resistance level could result in a further decline to test one the support levels.

The nearest support is at S1 (1.1320), although the price has formed far more important support levels lower, at S2 (1.1220/1.1260) and S3 (1.1060) areas.

Consider selling EUR/USD on small pullbacks up today to target either S2 or S3 support. The stop loss should be just above the R1 (1.1480)

Support: 1.1320, 1.1220, 1.1060

Resistance: 1.1480