FxWirePro: EUR/USD dips below lower range on the growing expectations of a U.S. rate hike
The EUR /USD pair declined on Thursday as the dollar rose on expectations of a Federal Reserve rate hike in March. A report from the Labor Department on Thursday showed that the number of Americans who applied for jobles…
The EUR /USD pair declined on Thursday as the dollar rose on expectations of a Federal Reserve rate hike in March.
A report from the Labor Department on Thursday showed that the number of Americans who applied for jobless claims fell to a 44-year low last week, pointing to continued strength in the labor market.
The data supported a flurry of encouraging comments on the economy from Federal Reserve officials that nudged the markets to price in higher chances of an interest rate hike in two weeks.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0556 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 1.0516, a break above this level would expose the pair to next resistance level at 1.0556.
To the downside, immediate support can be seen at 1.0497, a break below at this level will open the door towards next level at 1.0471.
