FxWirePro: EUR/USD Resumes Downside After Failing to Break Above 1.1550 Levels

FxWirePro: EUR/USD Resumes Downside After Failing to Break Above 1.1550 Levels

4 May 2016, 17:42
Roberto Jacobs
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FxWirePro: EUR/USD Resumes Downside After Failing to Break Above 1.1550 Levels

  • The EUR/USD pair  declined towards lower levels on Wednesday, as the US dollar gained strength across the board after data showed ISM Non-Manufacturing PMI rose in April. 
  • The Index of Non-Manufacturing activity rose to 55.7 from 54.5 previous month. 
  • At the moment the pair is trading around 1.1484 levels and it is expected to decline further towards 1.1450 and 1.1400 levels as the resistance level at 1.1615 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term. 
  • To the upside, the strong resistance can be seen at 1.1527, a break above this level would take the pair towards next resistance level at 1.1552 levels. 
  • To the downside immediate support can be seen at 1.1474 levels, a break below this level will open the door towards next level at 1.1430. Resistance Levels R1: 1.1527 (Daily high) R2: 1.1552 (50% Retracement level) R3: 1.1615 (May 3rdh high) Support Levels S1: 1.1474 (38.2% Retracement level) S2: 1.1430 (May 2nd low) S3: 1.1377 (23.6% Retracement level)


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