The EUR /USD pair fell as low as 1.0393 in the US session as greenback was boosted by the prospect of more interest rate increases by the Federal Reserve next year. The Fed's policy-setting committee, which raised rates …
The EUR /USD pair fell as low as 1.0393 in the US session as greenback was boosted by the prospect of more interest rate increases by the Federal Reserve next year.
The Fed's policy-setting committee, which raised rates by a quarter point on Wednesday, said it anticipates three more rate increases in 2017, a jump from the September meeting when it said it expected just two hikes.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0440 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 1.0405, a break above this level would expose the pair to next resistance level at 1.0440.
To the downside, strong support can be seen at 1.0371, a break below at this level will open the door towards next level at 1.0328.
