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

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

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

  • The EUR/USD rose towards 1.1400 levels on Thursday after European Central Bank held interest rate unchanged at record lows followed by ECB press conference. 
  • The pair surged strongly at the beginning of the US session but found short selling interest around 1.1398 levels as Mario Draghi brushed off criticism of his loose monetary policy and vowed to use all the tools at his disposal. 
  • The pair reversed course and  gave up all gains made earlier to trade at 1.1300 levels  , 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: 1.1398 (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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