FxWirePro: EUR/USD gains some upside momentum but still bearish
The EUR/USD pair inched higher on Tuesday as mounting political and security concerns over North Korea, the Middle East and the looming French election pushed traders out of the greenback. Global tensions escalated on Tu…
The EUR/USD pair inched higher on Tuesday as mounting political and security concerns over North Korea, the Middle East and the looming French election pushed traders out of the greenback.
Global tensions escalated on Tuesday when Western countries were joined by Middle Eastern allies in a push to isolate Syrian President Bashar al-Assad following a chemical attack in the country last week.
Along with concerns about, Syria investors were also looking anxiously to France where the latest polls showed far-left candidate Jean-Luc Melenchon gaining against the rest of the pack before the first round of voting on April 23.
However, further upside in this pair is expected to be limited as strong resistance at 1.0693 is set to limit further upside and bring decline towards lower levels in the short term.
To the upside, the immediate resistance can be seen at 1.0626, a break above this level would expose the pair to next resistance level at 1.0693.
To the downside, immediate support can be seen at 1.0566, a break below at this level will open the door towards next level at 1.0500.
