FxWirePro: EUR/USD neutral near-term, scope for downward resumption
Wednesday, August 24, 2016 6:31 PM UTC
- EUR/USD pair declined in the US session as the dollar strengthened as investors expect Yellen to provide guidance to next the interest rate hike from the Fed.
- Further upside in this pair should be limited as the resistance level at 1.1400 level should limit upside and bring a decline towards lower levels.
- To the upside, the immediate resistance can be seen at 1.1330, a break above this level would take the pair towards next resistance level at 1.1400.
- To the downside strong support can be seen at 1.1261 levels, a break below this level will open the door towards next level at 1.1177.
Resistance Levels
R1: 1.1330 (50% Retracement level)
R2: 1.1400 (61.8% Retracement level)
R3: 1.1445 (May 11th high)
Support Levels
S1: 1.1261 (50% Retracement level)
S2: 1.1177 (38.2% Retracement level)
S3: 1.1132 (June 16th lows)