Fxwirepro: Eur/usd Gains Some Upside Momentum But Still Bearish

  • The EUR /USD pair rose in the US session on Wednesday as investors consolidated positions ahead of a key events on Thursday, including a European Central Bank policy meeting and Britain's general election.
     
  • Markets will also be focused on former FBI Director James Comey's testimony on Thursday before a Senate panel probing alleged Russian meddling in the 2016 U.S. election.
     
  • The ECB is widely expected to keep its policy unchanged on Thursday, including its 2.3 trillion euro bond buying program, and pledge to keep interest rates low.
     
  • Further upside in this pair is expected to be limited as the pair finds strong resistance at 1.1335 which should limit further upside and bring decline towards lower levels in the short term.
     
  • To the upside, the immediate resistance can be seen at 1.1285, a break above this level would expose the pair to next resistance level at 1.1300.
     
  • To the downside, immediate support can be seen at 1.1246, a break below at this level will open the door towards next level at 1.1193.

    Resistance Levels

    R1:  1.1285 (50% Retracement level)       

    R2: 1.1300 (Psychological levels)               

    R3: 1.1335 (61.8% Retracement level)

    Support Levels

    S1: 1.1246 (38.2% Retracement level)                    

    S2: 1.1193 (23.6% Retracement level)

    S3: 1.1160 (May 31st lows)

The material has been provided by InstaForex Company – www.instaforex.com

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