FxWirePro: EUR/USD Resumes Upside After Breaking Resistance Level at 1.1300
- The EUR/USD pair inched higher on Monday as the pair attracted buyers as weak dollar and falling oil prices increased the demand for euro.
- The pair initially dipped towards 1.1274 levels in the early European session. However it recovered all the lost ground in the US session.
- Risk aversion dominated the Asian session and European session, leading to a strong advance in the Japanese yen and putting stocks and commodities currencies under pressure.
- The pair is trading around 1.1335 levels and it is expected advance further towards 1.1350 and 1.1380 levels in the short term.
- To the upside, the strong resistance can be seen at 1.1380, 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 1.1296 levels. Resistance Levels R1: 1.1335 (38.2% Retracement level) R2: 1.1359 (23.6% Retracement level) R3: 1.1380 (April 13th high) Support Levels S1: 1.1300 (Psychological levels) S2: 1.1296 (61.8% Retracement level) S3: 1.1272 (Daily lows)