FxWirePro: EUR/USD gains some upside momentum but still bearish
Tuesday, September 6, 2016 1:35 PM UTC
- The EUR /USD pair fell as low as 1.1139 during the early European session, however the pair inched up slightly to trade at 1.1163 after finding minor support at 1.1139.
- The ongoing weakness is set to continue for this pair as the resistance level at 1.1252 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
- To the upside, the immediate resistance can be seen at 1.1171, a break above this level would expose the cable to next resistance level at 1.1211.
- To the downside, immediate support can be seen at 1.1131, a break below at this level will open the door towards next level at 1.1081.
Resistance Levels
R1: 1.1171 (50% Retracement level)
R2: 1.1211 (61.8% Retracement level)
R3: 1.1252 (Sep 2nd high)
Support Levels
S1: 1.1131 (38.2% Retracement level)
S2: 1.1081 (23.6% Retracement level)
S3: 1.1042 (Aug 5th lows)