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FxWirePro: EUR/USD dips below lower range, bearish bias increases

  • The EUR /USD pair fell as low as 1.1150 during the early US session , as demand for greenback increased as markets saw less chance of a victory by Republican nominee Donald Trump in his U.S. presidential bid.
     
  • The ongoing weakness is set to continue for this pair as the resistance level at 1.1227 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
     
  • To the upside, the immediate resistance can be seen at 1.1188, a break above this level would expose the pair to next resistance level at 1.1200.
     
  • To the downside, immediate support can be seen at 1.1149, a break below at this level will open the door towards next level at 1.1122.

    Resistance Levels

    R1:  1.1188 (50% Retracement level)       

    R2: 1.1200 (Psychological levels)               |

    R3: 1.1227 (61.8% Retracement level)

    Support Levels

    S1: 1.1149 (38.2% Retracement level)                    

    S2: 1.1122 (Sep 21st lows)

    S3: 1.1100 (23.6% Retracement level)

 

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