FxWirePro: EUR/USD Rallies Towards 1.1460 Levels, Scope for Further Upside
- EUR /USD pair advanced in today’s US session after buyers stepped in, after data showed US inflation barely rose in March as consumer spending remained tepid making it less likely for Federal Reserve increase interest rate in June.
- The personnel consumption expenditure (PCE) price index, edged up 0.1 percent last month after an upwardly revised 0.2 increase in February.
- Currently the pair is trading around 1.1438 levels , it is set to advance further towards 1.1.480 and later 1.1530 level in the short term.
- To the upside, the strong resistance can be seen at 1.1454, a break above will take the pair towards next resistance level at 1.1511.
- To the downside immediate support can be seen 1.1398 levels, a break below will open gates towards 1.1348 levels. Resistance Levels R1: 1.1454 (50% Retracement level) R2: 1.1511 (38.2% Retracement level) R3: 1.1580 (23.6% Retracement level) Support Levels S1: 1.1398 (61.8% Retracement level) S2: 1.1348 (Feb 20th lows) S3: 1.1300 (psychological levels)