FxWirePro: EUR/USD changes short term trend from neutral to bearish
EUR declined against US dollar on Tuesday after data showed U.S. consumer confidence held steady in July and new single-family home sales hit their highest level in nearly 8-1/2 years in June. The pair extended its decli…
EUR declined against US dollar on Tuesday after data showed U.S. consumer confidence held steady in July and new single-family home sales hit their highest level in nearly 8-1/2 years in June.
The pair extended its decline from 1.1006 to hit low at 1.0977 before retreating slightly to trade at 1.0990.
Further upside is expected to be limited as the pair faces strong resistance at 1.1100 which should bring decline towards 1.0951 and 1.0900 levels in the short term.
To the upside, the strong resistance can be seen at 1.1100, a break above will take the pair towards next resistance level at 1.1150.
To the downside immediate support can be seen at 1.0980 levels, a break below will open gates towards 1.0951 levels.
