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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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2017-10-17 15:31:17
0m
2017-10-17 15:30:41
0m

October 17 14:00 UTC Released

USNAHB Housing Market Indx*

Actual

68 %

Forecast

64 %

Previous

64 %

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USManuf Output MM

Actual

0.1 %

Forecast

0.1 %

Previous

-0.3 %

October 17 20:00 UTC 183183m

USNet L-T Flows,Exswaps

Actual

Forecast

Previous

1.3 Bln USD

October 17 20:00 UTC 183183m

USOverall Net Capital Flows

Actual

Forecast

Previous

-7.3 Bln USD

October 17 20:00 UTC 183183m

USNet L-T Flows,Incl.Swaps

Actual

Forecast

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-43.1 Bln USD

October 17 20:00 UTC 183183m

USForeign Buying, T-Bonds

Actual

Forecast

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-0.5 Bln USD

October 17 21:00 UTC 243243m

KRExport Price Growth YY*

Actual

Forecast

Previous

10.7 %

October 17 21:00 UTC 243243m

KRImport Price Growth YY*

Actual

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Previous

9.0 %

October 17 23:00 UTC 363363m

KRUnemployment Rate*

Actual

Forecast

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3.8 %

October 18 03:00 UTC 603603m

KRL-Money Supply Growth

Actual

Forecast

Previous

6.7 %

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