FxWirePro: EUR/USD Runs Out of Steam But Maintains Bullish Outlook

FxWirePro: EUR/USD Runs Out of Steam But Maintains Bullish Outlook

20 April 2016, 17:12
Roberto Jacobs
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FxWirePro: EUR/USD Runs Out of Steam But Maintains Bullish Outlook

  • The EUR/USD declined at the beginning of the US session as the pair found short selling interest around 1.1390 levels. 
  • The pair further came under pressure after data showed US home sales rebounded more than expected in March. The existing home sales jumped to 5.1 percent to an annual rate of 5.33 million units. 
  • The pair eased towards 1.1317 after the data release, however the pair is set to rebound as the dollar is expected to weaken in the short term. 
  • To the upside, the strong resistance can be seen at 1.1387, a break above this level would take the pair towards next resistance level at 1.1450 levels. 
  • To the downside immediate support can be seen at 1.1315, a break below this level will open the door towards next level at 1.1270. Resistance Levels R1: 1.1334 (38.2 % Retracement level) R2: 1.1363 (23.6 % Retracement level) R3: 1.1387 (Daily high) Support Levels S1: 1.1315 (50 % Retracement level) S2: 1.1300 (61.8% Retracement level) S3: 1.1270 (April 18th lows)

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