FxWirePro: EUR/USD gains some upside momentum but still bearish
Tuesday, September 13, 2016 4:05 PM UTC
- The EUR/USD pair traded in higher range on Tuesday as the pair was supported by uncertainty about whether the U.S. central bank will raise interest rates next week.
- Fed Governor Lael Brainard, the last Fed official to comment before the U.S. central bank's next meeting, kept to a dovish tone on rates and urged caution about removing monetary stimulus too quickly.
- Further upside in this pair should be limited as euro is set to weaken against green back in the short term.
- To the upside, the strong resistance can be seen at 1.1289, a break above will take the pair towards next resistance level at 1.1335.
- To the downside, immediate support can be seen at 1.1203 levels, a break below will open the door towards next level at 1.1165.
Resistance Levels
R1: 1.1242 (38.2% Retracement level)
R2: 1.1289 (23.6% Retracement level)
R3: 1.1335 (Sep 8th high)
Support Levels
S1: 1.1203 (50% Retracement level)
S2: 1.1165 (61.8% Retracement level)
S3: 1.1129 (Sep 1st lows)