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FxWirePro: EUR/USD consolidating around 1.1278, bias is bullish

  • 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)
  • Market Data
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