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FxWirePro: EUR/USD bullish after breaking above 1.1100 levels

  • The EUR/USD pair jumped above 1.1100 in the US session, as the pair found buying interest around 1.1066 price zone as some calm returned to global markets after the havoc of the Brexit vote.
     
  • European stock markets continued to recover on Wednesday after last week's hefty losses, while the dollar was down 0.3 percent against a basket of leading currencies.
     
  • Investors looked for bargains among beaten-down stocks, pushing up markets for the second day after the "Brexit" verdict wiped out about $3 trillion globally in a two-day selloff.
     
  • The pair rose to hit high at 1.1128 levels but retreated slightly to trade at 1.1095 levels.
     
  • Further downside is expected to be limited as pair finds strong support  at 1.1038 which should limit  downside and send the pair towards higher levels.
     
  • To the upside, the strong resistance can be seen at 1.1166, a break above will take the pair towards next resistance level at 1.1200.
     
  • To the downside, immediate support can be seen 1.1078 levels, a break below will open gates towards 1.1038 levels.

    Resistance Levels

    R1: 1.1117 (38.2% Retracement level)

    R2: 1.1166 (23.6% Retracement level)

    R3: 1.1200 (Psychological levels)

    Support Levels

    S1: 1.1078 (50% Retracement level)

    S2: 1.1038 (61.8% Retracement level)

    S3: 1.0980 (June 27thth low)

 

 

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