- EUR/USD pair rose towards 1.1334 in the European session, but reversed course giving up most of gains made earlier to trade around 1.1311 in the early US session.
- Ahead in the session investors will be keeping a close eye on Feds assessment of US economy while markets expect Federal Reserve to keep rates steady at 0.50 %.
- Further downside is expected to be limited as Euro is stronger across the board against US dollar ahead of FOMC statement.
- To the upside, the strong resistance can be seen at 1.1367, a break above will take the pair towards next resistance level at 1.1400.
- To the downside immediate support can be seen 1.1300 levels, a break below will open gates towards 1.1265 levels.
Resistance Levels
R1: 1.1338 (38.2% Retracement level)
R2: 1.1367 (23.6% Retracement level)
R3: 1.1400 (Psychological levels)
Support Levels
S1: 1.1300 (50% Retracement level)
S2: 1.1265 (61.8% Retracement level)
S3: 1.1215 (April 25th low)
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