FxWirePro: EUR/USD extends decline on U.S. rate hike bets, scope for further downside
The EUR/USD pair has declined towards lower levels on Friday as recent upbeat U.S. economic data hawkish comments from Fed officials has reinforced expectations that the Federal Reserve will increase the interest rate by…
The EUR/USD pair has declined towards lower levels on Friday as recent upbeat U.S. economic data hawkish comments from Fed officials has reinforced expectations that the Federal Reserve will increase the interest rate by year-end.
Recent comments from Fed officials including New York Fed President William Dudley and higher expectations that Hillary Clinton will win the U.S. presidential election have increased bets that the U.S. central bank will raise rates in December.
At the moment the pair is trading around 1.0880 levels and it is expected to decline further towards 1.0900 and 1.0750 levels as the resistance level at 1.0950 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
To the upside, immediate resistance can be seen at 1.0903, a break above will take the pair towards next resistance level at 1.0950.
To the downside, immediate support can be seen 1.0858 levels, a break below will open gates towards 1.0800 levels.
