FxWirePro: EUR/USD consolidating around 1.1812, bias is neutral
The EUR/USD inched slightly higher in the US session on Thursday as investors cautious as they await comments on monetary policy from central bankers gathered for their annual meet in Jackson Hole, Wyoming. Speeches from…
The EUR/USD inched slightly higher in the US session on Thursday as investors cautious as they await comments on monetary policy from central bankers gathered for their annual meet in Jackson Hole, Wyoming.
Speeches from Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi on Friday will be scrutinized for hints on the path of monetary policy, but neither of them are expected to give fresh guidance.
The dollar has dropped 14 percent against the euro this year, driven by a collapse in expectations for tax cuts and other pro-growth moves by the administration of U.S. President Donald Trump that has weakened the case for further rises in U.S. interest rates.
However, further upside is expected to be limited as the pair finds strong resistance at 1.1876 which should limit upside and bring a decline towards lower levels.
To the upside, immediate resistance can be seen at 1.1836, a break above this level would take the pair towards next resistance level at 1.1876 levels.
To the downside immediate support can be seen at 1.1794, a break below this level will open the door towards next level at 1.1760.
