FxWirePro: EURUSD gains some upside momentum but bias still bearish
Tuesday, April 5, 2016 4:44 PM UTC
- EUR/USD pair has inched higher to trade around 1.1396 levels shrugging off positive US ISM non-manufacturing PMI data which came slightly better than forecast at 54.5%.
- The pair jumped to an intraday high of 1.1398 in the mid-morning US session, but selling interest continued to cap further rally on approach towards 1.1400 levels.
- To the upside, the strong resistance can be seen at 1.1400, a break above will take the pair towards next resistance level at 1.1436.
- To the downside immediate support can be seen at 1.1331 levels, a break below will open gates towards 1.1300 levels.
Resistance Levels
R1: 1.1400 (50% Retracement level)
R2: 1.1436 (April 1st high)
R3: 1.1535 (61.8% Retracement level)
Support Levels
S1: 1.1331 (Daily lows)
S2: 1.1300 (Psychological levels)
S3: 1.1261 (23.6% Retracement level)
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