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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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Fintech Week Chicago

April 28 21:00 UTC Released

MXFiscal Balance (Pesos)*

Actual

340.61 bln MXN

Forecast

Previous

-1.93 bln MXN

April 28 21:00 UTC Released

CNFiscal Balance (Pesos)*

Actual

340.61 bln MXN

Forecast

Previous

-1.93 bln MXN

April 30 01:00 UTC 569569m

CNNBS Non-Mfg PMI*

Actual

Forecast

Previous

55.10 %

April 30 01:00 UTC 569569m

CNNBS Manufacturing PMI*

Actual

Forecast

51.6 bln $

Previous

51.8 bln $

April 30 23:30 UTC 19191919m

AUAIG Manufacturing Index

Actual

Forecast

Previous

57.5 %

May 1 00:00 UTC 19491949m

KRExport Growth Prelim*

Actual

Forecast

15.3 %

Previous

13.6 %

May 1 00:00 UTC 19491949m

KRImport Growth Prelim*

Actual

Forecast

21.0 %

Previous

27.7 %

May 1 00:00 UTC 19491949m

KRTrade Balance Prelim*

Actual

Forecast

Previous

6.27 bln $

May 1 00:30 UTC 19791979m

USNikkei Mfg PMI

Actual

Forecast

Previous

52.8 %

May 1 00:30 UTC 19791979m

JPNikkei Mfg PMI

Actual

Forecast

Previous

52.8 bln $

Fintech Week Chicago
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