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FxWirePro: EUR/USD remains bullish as rally continues

  • The EUR /USD pair rose on Tuesday as euro's rally was reinforced by dollar losses prompted by allegations that U.S. President Donald Trump disclosed highly classified information to Russia's foreign minister about a planned Islamic State operation.
     
  • A weak manufacturing report from the New York Federal Reserve on Monday also weighed on the greenback.
     
  • Investors are now focusing on when and how the European Central Bank (ECB) could scale back its quantitative easing given the recent strength in the euro zone economy.
     
  • The ongoing upside is set to continue for this pair as the support level at 1.1000 is likely to act as strong barrier to the bears.
     
  • To the upside, the immediate resistance can be seen at 1.1109, a break above this level would expose the pair to next resistance level at 1.1140.
     
  • To the downside, immediate support can be seen at 1.1062, a break below at this level will open the door towards next level at 1.1019.

    Resistance Levels

    R1:  1.1109 (38.2% Retracement level)   

    R2: 1.1140 (Nov 4th high)              

    R3: 1.1166 (23.6 Retracement level)

    Support Levels

    S1: 1.1062 (50% Retracement level)                        

    S2: 1.1019 (61.8% Retracement level)

    S3: 1.1000 (Psychological levels)
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