FxWirePro: EUR/USD consolidating around 1.1278, bias is bullish
Tuesday, June 6, 2017 5:23 PM UTC
- The EUR/USD inched higher on Tuesday as the single currency gained as investors shunned riskier assets ahead of what is expected to be a busy Thursday, when Britain goes to the polls and former FBI director James Comey testifies before Congress.
- Comey, who was investigating a possible collusion between Donald Trump's presidential campaign and Russia to sway the 2016 U.S. election, was fired in May.
- Investors will also watch out for the European Central Bank's meet, where policymakers are expected to take a more benign view of the economy.
- Currently, the currency pair is trading at 1.1280 levels, it is set to advance further towards 1.1310 and later 1.1350 levels in the short term.
- To the upside, immediate resistance can be seen at 1.1278, a break above this level would take the pair towards next resistance level at 1.1300.
- To the downside, strong support can be seen at 1.1220 levels, a break below this level will open the door towards next level at 1.1190.
Resistance Levels
R1: 1.1278 (38.2% Retracement level)
R2: 1.1300 (Psychological levels)
R3: 1.1358 (23.6% Retracement level)
Support Levels
S1: 1.1220 (50% Retracement level)
S2: 1.1190 (May 25th lows)
S3: 1.1160 (61.8% Retracement level)