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FxWirePro: EUR/USD rallies towards 1.1180 levels, but reversal is likely

  • EUR/USD pair advanced during European session up to 1.1180, however, in the early US session, the pair retreated slightly to trade at 1.1169 as demand increased for risker assets.
  • Further upside in this pair should be limited as the resistance level at 1.1208 levels should limit upside and bring a decline towards lower levels.
     
  • To the upside, immediate resistance can be seen at 1.1177, a break above this level would take the pair towards next resistance level at 1.1208.
     
  • To the downside immediate support can be seen at 1.1152 levels, a break below this level will open the door towards next level at 1.1127.

    Resistance Levels

    R1: 1.1177 (38.2% Retracement level)

    R2: 1.1208 (23.6% Retracement level)

    R3: 1.1240 (May 23rd  high)

    Support Levels

    S1: 1.1152 (50% Retracement level)

    S2: 1.1127 (61.8% Retracement level)

    S3: 1.1100 (Psychological levels)

 

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