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2016.03.0811:15:00UTC+00Fxwirepro: Eur/usd Gains Upside Momentum With Focus on 1.1150 Levels
Euro has gained some ground against dollar by reaching as high as 1.1052 levels in the early US session as oil prices slipped into negative territory, reversing some of the earlier gains.
The ongoing bullish trend is set to continue for this pair as the support level at 1.0970 is likely to act as strong barrier to the bears and bring further uptrend towards higher levels in the short term.
To the upside, the strong resistance can be seen at 1.1077, a break above this level would take the pair towards next resistance level at 1.126 levels.
To the downside immediate support can be seen at 1.0000 levels, a break below this level will open the door towards next level at 1.0970. Resistance Levels R1: 1.1077 (23.6% Retracement level) R2: 1.1126 (Feb 22nd high) R3: 1.1197 (Feb 12th high ) Support Levels S1: 1.0000 (Psychological levels) S2: 1.0970 (38.2% Retracement level) S3: 1.0882 (50 Retracement level)
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