FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
Tuesday, February 28, 2017 2:52 PM UTC
- The EUR /USD pair hovered around 1.0600 levels on Tuesday as the market waited on a speech by U.S. President Donald Trump that is expected to provide more clarity on economic reforms.
- Investors are shifting their attention to Trump's policy speech to a joint session of Congress on Tuesday night, when he is expected to provide clues on his tax-cutting plans.
- Markets worldwide are on tenterhooks before Trump's first Congressional address, where he could also accuse countries, especially China, of currency manipulation.
- To the upside, the immediate resistance can be seen at 1.0621, a break above this level would expose the pair to next resistance level at 1.0680.
- To the downside, immediate support can be seen at 1.0562, a break below at this level will open the door towards next level at 1.0524.
Resistance Levels
R1: 1.0621 (50% Retracement level)
R2: 1.0680 (61.8% Retracement level)
R3: 1.0711 (Feb 8th high)
Support Levels
S1: 1.0562 (38.2% Retracement level)
S2: 1.0524 (Feb 21st lows)
S3: 1.0488 (23.6% Retracement level)