The EUR/USD declined for second consecutive day on Friday following European Central Bank's surprise decision on Thursday to reduce its monthly bond purchases to 60 billion euros from the current 80 billion euros, starti…
The EUR/USD declined for second consecutive day on Friday following European Central Bank's surprise decision on Thursday to reduce its monthly bond purchases to 60 billion euros from the current 80 billion euros, starting in April 2017.
Dollar strengthened across the board view the Fed is on track to raise interest rates further in 2017 after a near-certain quarter point hike next week.
The Fed's policy decision is due on Dec. 14 after a two-day policy meeting and will be accompanied by a news conference by Fed Chair Janet Yellen.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0623 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0563, a break above this level would expose the pair to next resistance level at 1.0623.
To the downside, immediate support can be seen at 1.0511, a break below at this level will open the door towards next level at 1.0500.
