The EUR/USD inched higher at the beginning of the US session as the pair found strong buying interest on Monday as dollar was hurt by waning expectations that the Federal Reserve will raise interest rates in the upcoming…
The EUR/USD inched higher at the beginning of the US session as the pair found strong buying interest on Monday as dollar was hurt by waning expectations that the Federal Reserve will raise interest rates in the upcoming meeting.
The U.S. central bank meets on Tuesday and Wednesday. It is expected to keep benchmark rates on hold but could give a clear signal of rises to come, possibly in December.
However, further upside in this pair should be limited as the resistance level at 1.1219 levels should limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.1184 a break above this level would take the pair towards next resistance level at 1.1250.
To the downside, strong support can be seen at 1.1109 levels, a break below this level will open the door towards next level at 1.1067.
