Fxwirepro: Eur/usd Runs Out of Steam As Bullish Signals Weaken

  • The EUR /USD pair dipped slightly on Wednesday as the dollar regained some ground, but tensions over North Korea and upcoming French and UK elections limited investor demand for the greenback.
     
  • Investors remained nervous ahead of the first round of the presidential election on Sunday. A closely-watched poll showed the first round of voting was too close to call, although centrist Emmanuel Macron remained favourite to win overall.
     
  • Further upside for this pair is expected to be limited as uncertainty ahead of French presidential election is set to weigh on the currency pair.
     
  • To the upside, the immediate resistance can be seen at 1.0660, a break above this level would expose the pair to next resistance level at 1.0726.
     
  • To the downside, immediate support can be seen at 1.0619, a break below at this level will open the door towards next level at 1.0580.

    Resistance Levels

    R1:  1.0737 (50% Retracement level)       

    R2: 1.0777 (61.8% Retracement level)    

    R3: 1.0800 (Psychological levels)

    Support Levels

    S1: 1.0697 (38.2% Retracement level)                    

    S2: 1.0667 (March 30th lows)

    S3: 1.0647 (23.6% Retracement level)

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

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