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FxWirePro: EUR/USD gains some upside but reversal is likely

  • The EUR /USD pair inched higher on Thursday as market-friendly presidential candidate held the lead ahead of Sunday's first-round election in France.
     
  • Polls ahead of the French vote, which begins this weekend, give both far-right and far-left candidates a chance of making it into next month's run-off, though centrist candidate Emmanuel Macron is shown in the lead.
     
  • The dollar remained weak against a basket of major currencies as the latest data on domestic jobless claims and business activity in the mid-Atlantic region did not change traders' views of modest U.S. economic growth and low inflation.
     
  • However, further upside in this pair is set to be limited as the strong resistance at 1.0872 is set to limit more upside and bring decline back to lower level in the short term.
     
  • To the upside, the immediate resistance can be seen at 1.0776, a break above this level would expose the pair to next resistance level at 1.0872.
     
  • To the downside, immediate support can be seen at 1.0726, a break below at this level will open the door towards next level at 1.0666.

    Resistance Levels

    R1:  1.0776 (50% Retracement level)       

    R2: 1.0821 (61.8% Retracement level)    

    R3: 1.0872 (March 28th high)

    Support Levels

    S1: 1.0726 (38.2% Retracement level)                    

    S2: 1.0666 (23.6% Retracement level)

    S3: 1.0600 (Psychological levels)

 

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June 23 14:30 UTC Released

USECRI Weekly Annualized*

Actual

3.4 %

Forecast

Previous

3.7 %

June 23 14:30 UTC Released

USECRI Weekly Index*

Actual

143.7 %

Forecast

Previous

144.0 %

June 26 08:00 UTC 21112111m

GBIfo Expectations*

Actual

Forecast

Previous

106.5 k

June 26 08:00 UTC 21112111m

DEIfo Business Climate*

Actual

Forecast

114.4 bln BRL

Previous

114.6 bln BRL

June 26 08:00 UTC 21112111m

DEIfo Expectations*

Actual

Forecast

106.4 %

Previous

106.5 %

June 26 08:00 UTC 21112111m

DEIfo Current Conditions*

Actual

Forecast

123.3 mln

Previous

123.2 mln

June 26 08:30 UTC 21412141m

GBIfo Expectations*

Actual

Forecast

Previous

40.750 k

June 26 08:30 UTC 21412141m

BRBBA Mortgage Approvals

Actual

Forecast

Previous

40.750 k

June 26 11:00 UTC 22912291m

BRBBA Mortgage Approvals

Actual

Forecast

Previous

84.2 k

June 26 11:00 UTC 22912291m

RUFGV Consumer Conf*

Actual

Forecast

Previous

84.2 %

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