FxWirePro: EUR/USD Consolidating Around 1.1408 Levels, Bias Is Bullish

FxWirePro: EUR/USD Consolidating Around 1.1408 Levels, Bias Is Bullish

12 May 2016, 17:53
Roberto Jacobs
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FxWirePro: EUR/USD Consolidating Around 1.1408 Levels, Bias Is Bullish

  • Euro inched higher against defensive US dollar on Thursday as investors doubted further rise in US interest rate in June following weak US employment data last week. The pair declined hit low at 1.1375 but recovered to trade at 1.1408 in the early US session. 
  • Further the decline is expected to be limited as the pair faces strong support at 1.1375 as a result  the pair is set advance further towards 1.1450 and 1.1480 levels in the short term. 
  • To the upside, the strong resistance can be seen at 1.1440 ,a break above will take the pair towards next resistance level at 1.1481. 
  • To the downside immediate support can be seen at 1.1394 levels, a break below will open gates towards 1.1375 levels. Resistance Levels R1: 1.1415 (38.2% Retracement level) R2: 1.1440 (23.6% Retracement level) R3: 1.1481 (May 6th high) Support Levels S1: 1.1394 (50% Retracement level) S2: 1.1375 (61.8% Retracement level) S3: 1.1357  (May 10th low)


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