The EUR /USD pair declined on Wednesday as dollar rose across the board following upbeat U.S. consumer confidence data which shot to its highest in more than 15 years in December on hopes that President-elect Donald Trum…
The EUR /USD pair declined on Wednesday as dollar rose across the board following upbeat U.S. consumer confidence data which shot to its highest in more than 15 years in December on hopes that President-elect Donald Trump will nurture further improvements in the world's biggest economy.
The upbeat data helped underscore expectations the U.S. central bank would raise interest rates at a faster pace next year, which lowers demand for non-yielding assets such as bullion, while boosting the dollar.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0441 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 1.0406, a break above this level would expose the pair to next resistance level at 1.0441.
To the downside, immediate support can be seen at 1.0371, a break below at this level will open the door towards next level at 1.0328.
