- The EUR/USD pair has declined towards lower levels on Thursday as the US dollar gained strength across the board after investors priced for two interest rate hikes this year by Federal Reserve.
- At the moment the pair is trading around 1.1154 levels and it is expected to decline further towards 1.1100 and 1.1050 levels in the short term as the resistance level at 1.1212 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
- Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bearish slope above the current price action, the RSI is indicating towards downside at 36.
- To the upside, the strong resistance can be seen at 1.1210, a break above will take the pair towards next resistance level at 1.1040.
- To the downside immediate support can be seen 1.0950 levels, a break below will open gates towards 1.0900 levels.
Resistance Levels
R1: 1.1180 (50% Retracement level)
R2: 1.1189 (Daily high)
R3: 1.1210 (61.8% Retracement level)
Support Levels
S1: 1.1150 (38.2% Retracement level)
S2: 1.1115 (23.6% Retracement level)
S3: 1.1100 (Psychological levels)
The material has been provided by InstaForex Company – www.instaforex.com