Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

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)

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

August 20 23:00 UTC Released

JPReuters Tankan DI

Actual

27 %

Forecast

Previous

26 %

August 20 21:00 UTC Released

KRPPI Growth MM*

Actual

0.1 %

Forecast

Previous

-0.4 %

August 21 08:30 UTC 128128m

ID7-Day Reverse Repo*

Actual

Forecast

Previous

6.278 %

August 21 08:30 UTC 128128m

IDDeposit Facility Rate*

Actual

Forecast

Previous

18.283 %

August 21 12:30 UTC 368368m

IDLending Facility Rate*

Actual

Forecast

Previous

0.9 %

August 21 12:30 UTC 368368m

DEZEW Economic Sentiment*

Actual

Forecast

Previous

0.13 %

August 21 12:30 UTC 368368m

USNational Activity Index*

Actual

Forecast

Previous

0.13 %

August 21 12:30 UTC 368368m

CAWholesale Trade MM

Actual

Forecast

-0.4 %

Previous

0.9 %

August 21 14:30 UTC 488488m

TRReuters Tankan DI

Actual

Forecast

Previous

811.8 Bln TRY

August 21 14:30 UTC 488488m

DEZEW Current Conditions*

Actual

Forecast

Previous

811.8 Bln TRY

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.