FxWirePro: EUR/USD changes short term trend from neutral to bearish
The EUR/USD pair declined towards lower levels on Tuesday as the US dollar gained strength across the board after traders viewed that Federal Reserve will likely raise U.S. interest following positive US inflation figure…
The EUR/USD pair declined towards lower levels on Tuesday as the US dollar gained strength across the board after traders viewed that Federal Reserve will likely raise U.S. interest following positive US inflation figures.
U.S. consumer prices rose 0.3 percent in September, the biggest gain in five months but in line with expectations.
The ongoing weakness is set to continue for this pair as the resistance level at 1.1057 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels in the short term.
To the upside, immediate resistance can be seen at 1.0994 a break above will take the pair towards next resistance level at 1.1028.
To the downside, immediate support can be seen at 1.0960 levels, a break below will open the door towards next level at 1.0920.
