FxWirePro: EUR/USD l gains some upside momentum but still bearish
Thursday, October 13, 2016 2:01 PM UTC
- The EUR/USD pair traded in higher range on Thursday as poor batch of Chinese trade numbers halted the dollar's broader rally.
- China's September exports fell 10 percent from a year earlier, far worse than expected, while imports unexpectedly shrank after picking up in August.
- However, 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 1.1067 a break above will take the pair towards next resistance level at 1.1100.
- To the downside, immediate support can be seen at 1.1007 levels, a break below will open the door towards next level at 1.0970.
Resistance Levels
R1: 1.1040 (50% Retracement level)
R2: 1.1067 (61.8% Retracement level)
R3: 1.1100 (Psychological levels)
Support Levels
S1: 1.1007 (38.2% Retracement level)
S2: 1.0970 (23.6% Retracement level)
S3: 1.0950 (July 25th lows)