- The EUR /USD pair declined on Thursday as swirling tensions between the United States and North Korea sapped broad demand and prompted investors to take profits after recent strong gains.
- North Korea on Thursday outlined detailed plans for a missile strike near the Pacific territory of Guam, keeping up a war of words with U.S. President Donald Trump after he said Pyongyang would face "fire and fury" if it continued to threaten the United States.
- The single currency slipped 0.3 percent to $1.1737 and was holding just above a July 28 low of $1.1688. It is still the best performing G10 currency so far this year with gains of more than 11 percent against the dollar.
- The ongoing weakness is set to continue for this pair as the resistance level at 1.1800 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
- To the upside, the immediate resistance can be seen at 1.1753, a break above this level would expose the pair to next resistance level at 1.1800.
- To the downside, immediate support can be seen at 1.1708, a break below at this level will open the door towards next level at 1.1649.
Resistance Levels
R1: 1.1753 (50% Retracement level)
R2: 1.1800 (61.8% Retracement level)
R3: 1.1825 (Aug 8th high)
Support Levels
S1: 1.1708 (50% Retracement level)
S2: 1.1649 (38.2% Retracement level)
S3: 1.1605 (July 26th lows)
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