FxWirePro: EUR/USD drops below 1.1200 as investors await Fed decision
The EUR/USD pair declined towards 1.1177 on Tuesday as range of mixed economic figures and conflicting remarks by key Fed policymakers have kept investors guessing over the timing of the next U.S. rate increase. The U.S.…
The EUR/USD pair declined towards 1.1177 on Tuesday as range of mixed economic figures and conflicting remarks by key Fed policymakers have kept investors guessing over the timing of the next U.S. rate increase.
The U.S. central bank meets Wednesday. It is expected to keep benchmark rates on hold but could give a clear signal of rises to come, possibly in December.
However, further upside in this pair should be limited as the resistance level at 1.1219 levels should limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.1184 a break above this level would take the pair towards next resistance level at 1.1250.
To the downside, strong support can be seen at 1.1109 levels, a break below this level will open the door towards next level at 1.1067.
