FxWirePro: EUR/USD dips below lower range ahead of French vote
Friday, April 21, 2017 4:09 PM UTC
- The EUR /USD pair declined on Friday as euro came under short selling interest ahead Sunday's first round of a tight French presidential election.
- The market is eager to know the outcome of the first round of the French presidential election on Sunday.
- Far-right leader Marine Le Pen, an anti-EU politician who wants to ditch the euro and narrowly trails front-runner Emmanuel Macron in French opinion polls, seized on the killing of a policeman by a suspected Islamist militant to push her policies on national security.
- The ongoing weakness is set to continue for this pair as the resistance level at 1.0772 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
- To the upside, the immediate resistance can be seen at 1.0729, a break above this level would expose the pair to next resistance level at 1.0772.
- To the downside, immediate support can be seen at 1.0686, a break below at this level will open the door towards next level at 1.0633.
Resistance Levels
R1: 1.0729 (50% Retracement level)
R2: 1.0772 (61.8% Retracement level)
R3: 1.0824 (March 29th high)
Support Levels
S1: 1.0686 (38.2% Retracement level)
S2: 1.0633 (23.6% Retracement level)
S3: 1.0600 (Psychological levels)