- The EUR /USD pair fell as low as 1.0595 in the early US session, as the dollar held firm ahead to testimony by Federal Reserve Chair Janet Yellen on Tuesday and Wednesday and waited on a busy week of economic data.
- Investors will be watching for any new indications of when the U.S. central bank will next raise rates when Yellen gives her semiannual Humphrey Hawkins testimony before lawmakers in Washington.
- Further upside in this pair is expected to be limited as the pair finds strong resistance at 1.0683 which should limit further upside and bring decline towards lower levels in the short term.
- To the upside, the immediate resistance can be seen at 1.0638, a break above this level would expose the pair to next resistance level at 1.0683.
- To the downside, immediate support can be seen at 1.0592, a break below at this level will open the door towards next level at 1.0540.
Resistance Levels
R1: 1.0638 (50% Retracement level)
R2: 1.0683 (61.8% Retracement level)
R3: 1.0709 (Feb 9th high)
Support Levels
S1: 1.0592 (38.2% Retracement level)
S2: 1.0540 (23.6% Retracement level)
S3: 1.0500 (Psychological levels)
