The EUR /USD pair declined on Wednesday as the dollar rose on the Brexit development, building on gains from a day earlier, while uncertainty regarding trade policies between the EU and Britain weakened euro. Investors a…
The EUR /USD pair declined on Wednesday as the dollar rose on the Brexit development, building on gains from a day earlier, while uncertainty regarding trade policies between the EU and Britain weakened euro.
Investors awaited comments from a host of Federal Reserve officials for clues on the number of interest rate hikes this year.
Chicago Fed President Charles Evans, who has consistently been dovish on interest rates, said he supported one or two more hikes this year as the U.S. economy improves.
Boston President Eric Rosengren and his San Francisco counterpart, John Williams, are due to speak later in the day.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0796 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 1.0759, a break above this level would expose the pair to next resistance level at 1.0796.
To the downside, immediate support can be seen at 1.0720, a break below at this level will open the door towards next level at 1.0672.
