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FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption

  • The EUR /USD pair fell as low as 1.1008 during the early US session on Wednesday as greenback added to recent gains ahead of minutes from the Federal Reserve's latest monetary policy meeting.
     
  • The U.S. currency also found support as Democratic presidential nominee Hillary Clinton widened her lead in opinion polls over Republican rival Donald Trump for the Nov. 8 election.
  • The ongoing weakness is set to continue for this pair as the resistance level at 1.1100 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 1.1037, a break above this level would expose the cable to next resistance level at 1.1067.
     
  • To the downside, immediate support can be seen at 1.1008, a break below at this level will open the door towards next level at 1.0970.

    Resistance Levels

    R1:  1.1037 (50% Retracement level)       

    R2: 1.1067 (61.8% Retracement level)    

    R3: 1.1100 (Psychological levels)

    Support Levels

    S1: 1.1008 (38.2% Retracement level)                     

    S2: 1.0970 (23.6% Retracement level)

    S3: 1.0906 (June 24th lows)
  • Market Data
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