FxWirePro: EUR/USD Bullish After Breaking Above 1.1300 Levels
26 April 2016, 16:44
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FxWirePro: EUR/USD Bullish After Breaking Above 1.1300 Levels
- EUR/USD pair rose towards 1.1338 levels on Tuesday, as the pair found strong buying interest after weak US durable goods orders.
- Core durable goods orders in March came below expectations, down 0.2% against forecast of a 0.5%.
- After the data release the pair rose towards 1.1340 but lower but retreated slightly to trade at 1.1330 levels.
- Further downside is expected to be limited as pair has broken strong resistance at 1.1300 and inching upwards towards higher levels.
- To the upside, the strong resistance can be seen at 1.1367, a break above will take the pair towards next resistance level at 1.1404.
- To the downside immediate support can be seen 1.1300 levels, a break below will open gates towards 1.1255 levels. Resistance Levels R1: 1.1338 (50% Retracement level) R2: 1.1367 (38.2% Retracement level) R3: 1.1404 (23.6% Retracement level) Support Levels S1: 1.1300 (Psychological levels) S2: 1.1255 (Daily lows) S3: 1.1215 (April 25th low)
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