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  • The EUR /USD pair declined on Monday as investors braced for a potential interest rate hike in the United States.
     
  • Markets have priced in an U.S. interest rate rise when the Federal Reserve meets this Wednesday, a view cemented by robust U.S. jobs data on Friday.
     
  • The Federal Open Market Committee, the central bank’s policy-setting board, is expected to lift interest rates by a quarter point to 0.75 percent-1.00 percent after a two-day meeting that starts on Tuesday.
     
  • Further upside for this pair is expected to be limited as strong resistance level at 1.0766 is set to limit upside and bring decline towards lower levels.
     
  • To the upside, the immediate resistance can be seen at 1.0696, a break above this level would expose the pair to next resistance level at 1.0730.
     
  • To the downside, immediate support can be seen at 1.0652, a break below at this level will open the door towards next level at 1.0600.

    Resistance Levels

    R1:  1.0696 (38.2% Retracement level)   

    R2: 1.0730 (50% Retracement level)        

    R3: 1.0766 (61.8% Retracement level)

    Support Levels

    S1: 1.0652 (38.2% Retracement level)                    

    S2: 1.0600 (Psychological levels)

    S3: 1.0569 (March 10th lows)

The material has been provided by InstaForex Company – www.instaforex.com

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