The EUR/USD declined in the US session as dollar was bolstered by upbeat U.S. economic data and increased expectations of interest rate increase by the Federal Reserve next month and in 2017. The pair came under pressure…
The EUR/USD declined in the US session as dollar was bolstered by upbeat U.S. economic data and increased expectations of interest rate increase by the Federal Reserve next month and in 2017.
The pair came under pressure after data showed that U.S. manufactured capital goods rebounded in October, boosting expectations of faster economic growth.
The pair is set to reach 1.0500 and later towards 1.0450 in the short term as the US dollar is set to strengthen further against its European counterpart in the short term.
To the upside, the strong resistance can be seen at 1.0614, a break above this level would take the pair towards next resistance level at 1.0656 levels.
To the downside immediate support can be seen at 1.0532, a break below this level will open the door towards next level at 1.0483.
