FxWirePro: EUR/USD bounces off lows, but more downside expected
The EUR/USD pair jumped higher on Monday as dollar slumped as investors were worried about the outcome of Wednesday's Federal Reserve policy meeting. The U.S. central bank is widely expected to raise interest rates this …
The EUR/USD pair jumped higher on Monday as dollar slumped as investors were worried about the outcome of Wednesday's Federal Reserve policy meeting.
The U.S. central bank is widely expected to raise interest rates this week but market is not convinced that Fed will promise heavily on rate rises for next year.
The ongoing downside is set to continue for this pair as the resistance level at 1.0745is likely to act as strong barrier to the bulls and push the pair towards lower side.
To the upside, immediate resistance can be seen at 1.0646 a break above will take the pair towards next resistance level at 1.0692.
To the downside, immediate support can be seen at 1.0597 levels, a break below will open the door towards next level at 1.0550.
