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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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