FxWirePro: EUR/USD resumes upside after failing to break below 1.1214 levels

The EUR/USD pair inched up towards 1.1274 on Wednesday as the pair found buying interest on growing uncertainty about Federal Reserve policy.

Expectations that the U.S. Federal Reserve will raise rates next week have cooled, putting pressure on the green.

Further downside is expected to be limited as the pair faces strong support at 1.1214 which should limit downside and bring rebound back to higher side.

To the upside, the strong resistance can be seen at 1.1308, a break above this level would take the pair towards next resistance level at 1.1327 levels.

To the downside immediate support can be seen at 1.1242 levels, a break below this level will open the door towards next level at 1.1214.

Resistance Levels

R1: 1.1271 (38.2% Retracement level)

R2: 1.1308 (23.6% Retracement level)

R3: 1.1327(Sep 8th high)

Support Levels

S1: 1.1242 (50% Retracement level)

S2: 1.1214 (61.8% Retracement level)

S3: 1.1175 (Aug 16th lows)