FxWirePro: EUR/USD consolidating around 1.1289, bias is bearish
The EUR/USD inched higher at the beginning of the US session as the pair found buying interest as the dollar was hurt by uncertainty about the outcome of this week's Federal Open Market Committee policy meeting. With wor…
The EUR/USD inched higher at the beginning of the US session as the pair found buying interest as the dollar was hurt by uncertainty about the outcome of this week's Federal Open Market Committee policy meeting.
With worries about Brexit also gathering, investors have ruled out expectation of a rate increase at the Fed Reserve's June 14-15 policy review.
However, the gains should be limited as the resistance level at 1.1401 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term, therefore it’s good to sell this pair on rallies.
To the upside, the immediate resistance can be seen at 1.1335, a break above this level would take the pair towards next resistance level at 1.1401.
To the downside immediate support can be seen at 1.1269 levels, a break below this level will open the door towards next level at 1.1185.
