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FxWirePro: EUR/USD reverses recent rally, bias back to downside

  • EUR/USD pair declined in the US session as dollar rebounded as concerns over the outlook for the U.S. election eased on Monday.
     
  • Dollar declined on Friday after the Federal Bureau of Investigation said it would investigate additional emails relating to Hillary Clinton's use of a private server, roiling the presidential campaign.
     
  • The ongoing weakness for this pair is set to continue as resistance level at 1.1035 levels should limit upside and bring decline towards lower levels in the short term.
     
  • To the upside, immediate resistance can be seen at 1.0988 a break above this level would take the pair towards next resistance level at 1.1035.
     
  • To the downside, strong support can be seen at 1.0940 levels, a break below this level will open the door towards next level at 1.0880.

    Resistance Level

    R1: 1.0988 (50% Retracement level)

    R2: 1.1035 (61.8% Retracement level)

    R3: 1.1061 (Oct 14th high)

    Support Levels

    S1: 1.0940 (38.2% Retracement level)

    S2: 1.0880 (23.6% Retracement level)

    S3: 1.0849 (Oct  25th lows)
  • Market Data
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