- EUR/USD pair declined in the US session after data showed US factory data expanded in May.
- U.S. manufacturing activity expanded for a third straight month in May. The Institute for Supply Management (ISM) said its index of national factory activity increased half a percentage point to a reading of 51.3 last month.
- The after the data release pair decline from 1.1180 levels to hit low at 1.1147 before rebounding slightly to trade at 1.1169 levels.
- Further upside is expected to be limited as the pair faces strong resistance at 1.1233 which should limit upside and bring decline towards lower levels in the short term.
- To the upside, the strong resistance can be seen at 1.1233, a break above will take the pair towards next resistance level at 1.1292.
- To the downside immediate support can be seen at 1.1122 levels, a break below will open gates towards 1.1097 levels.
R1: 1.1177 (50% Retracement level)
R2: 1.1200 (Psychological levels)
R3: 1.1233 (61.8% Retracement level)
S1: 1.1122 (38.2% Retracement level)
S2: 1.1097 (May 30th lows)
S3: 1.1054(23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com
Tagged with: forex news