- The EUR/USD pair declined on Thursday as the US dollar gained strength across the board after Federal Reserve in its policy meeting said Fed was on track to hike rate in June or July. However, after weak US economic data, the currency pair recovered some ground up to 1.1226 but failed to advance further as the euro ran out of strength against the greenback.
- At the moment the pair is trading around 1.1205 levels and it is expected to decline further towards 1.1170 and 1.1100 levels as the resistance level at 1.1291 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
- To the upside, the strong resistance can be seen at 1.1291, a break above will take the pair towards next resistance level at 1.1350.
- To the downside immediate support can be seen 1.1177 levels, a break below will open gates towards 1.1139 levels.
Resistance Levels
R1: 1.1235 (50% Retracement level)
R2: 1.1291 (61.8% Retracement level)
R3: 1.1350 (May 17th high)
Support Levels
S1: 1.1177 (38.2% Retracement level)
S2: 1.1139 (March 24th lows)
S3: 1.1107 (23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com