FXWIREPRO: EUR/USD Gains Some Upside Momentum But Outlook Strongly Bearish
21 March 2016, 17:48
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FXWIREPRO: EUR/USD Gains Some Upside Momentum But Outlook Strongly Bearish
- EUR has made short squeeze against US dollar by hitting high at 1.1263 after negative Existing Home Sales.
- However, the gains should be limited around 1.1280 as the resistance level at 1.1300 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 1.1300, a break above this level would take the pair towards next resistance level at 1.1360 levels.
- To the downside immediate support can be seen at 1.1233 levels, a break below this level will open the door towards next level at 1.1200. Resistance Levels R1: 1.1274 (38.2% Retracement level) R2: 1.1300 (Psychological levels) R3: 1.1360 (23.6% Retracement level) Support Levels S1: 1.1233 (Daily lows) S2: 1.1200 (50% Retracement level) S3: 1.1130 (61.8% Retracement level)
The material has been provided by InstaForex Company - www.instaforex.com
