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

  • EUR/USD pair rose towards 1.1293 levels on Thursday, as some investors sold the greenback ahead of a speech by Federal Reserve Chair Janet Yellen this week which will be watched for clues on monetary policy.
     
  • New orders for U.S. manufactured capital goods rose for a second straight month in July. Core capital goods orders advanced 0.5 percent in June better than last month figures at 0.3%.
     
  • After the data release the pair declined slightly towards 1.1286 but recovered to trade at 1.1296 levels.
     
  • However, further upside is expected to be limited as pair finds strong resistance at 1.1397 which should limit upside and bring decline towards lower levels.
     
  • To the upside,immediate resistance can be seen at 1.1329, a break above will take the pair towards next resistance level at 1.1397.
     
  • To the downside, immediate support can be seen 1.1264 levels, a break below will open gates towards 1.1181 levels.

    Resistance Levels

    R1: 1.1329 (50% Retracement level)

    R2: 1.1397 (61.8% Retracement level)

    R3: 1.1449 (May 10th high)

    Support Levels

    S1: 1.1264 (38.2% Retracement level)

    S2: 1.1181 (23.6% Retracement level)

    S3: 1.1131 (Aug12th low)
  • Market Data
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