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Eur/usd Dips Below Lower Range, Bearish Bias Increases

  • The EUR /USD pair declined on Wednesday as greenback strengthened after investor awaited details of possible economic policies from President-elect Donald Trump.  
  • Investors will have a close eye on what the new president says about labelling China a currency manipulator and free trade more generally.  
  • The ongoing weakness is set to continue for this pair as the resistance level at 1.0570 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 1.0494, a break above this level would expose the pair to next resistance level at 1.0531.  
  • To the downside, immediate support can be seen at 1.0453, a break below at this level will open the door towards next level at 1.0410. Resistance Levels R1:  1.0494 (50% Retracement level)        R2: 1.0531 (61.8% Retracement level)     R3: 1.0570 (Daily high) Support Levels S1: 1.0453 (Session lows)                              S2: 1.0410 (23.6% Retracement level) S3: 1.0371 (Dec 28th lows)
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Support and resistance levels

EUR/USD
GBP/USD
USD/JPY
GBP/JPY
EUR/CHF
AUD/USD
Feb 20 at 3:59 UTC