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FxWirePro: EUR/USD gains some upside momentum but still bearish

  • 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)
  • Market Data
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