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

  • The EUR/USD pair inched higher in the US session on Friday as dollar gave up some ground against it European counterpart as investors focused on Federal Reserve Chair Janet Yellen's speech for clues on the possibility of an interest rate hike later this month.
  • Yellen's speech comes after several other Fed officials this week painted an upbeat picture of the U.S. economy, stoking market expectations for a March rate hike. She is set to speak at 1:00 p.m. ET (1800 GMT) at the Executives Club of Chicago.
  • The pair is set to reach 1.0520 and later towards 1.0450 in the short term as the US dollar is set to strengthen against its European peer in the short term. Therefore it’s good to sell this pair on rally.
  • To the upside, the immediate resistance can be seen at 1.0573, a break above this level would expose the pair to next resistance level at 1.0606.
  • To the downside, immediate support can be seen at 1.0537, a break below at this level will open the door towards next level at 1.0493.

    Resistance Levels

    R1:  1.0573 (50% Retracement level)       

    R2: 1.0606 (61.8% Retracement level)    

    R3: 1.0630 (Feb 28th high)

    Support Levels

    S1: 1.0537 (38.2% Retracement level)                    

    S2: 1.0493 (23.6% Retracement level)

    S3: 1.0447 (Jan 11th lows)

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

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