FxWirePro: EUR/USD gains some upside momentum but reversal is likely
EUR/USD pair rose towards 1.1293 levels on Thursday, as some investors sold the greenback ahead of a speech by Federal Reserve Chair Janet Yellen this week which will be watched for clues on monetary policy. New orders f…
EUR/USD pair rose towards 1.1293 levels on Thursday, as some investors sold the greenback ahead of a speech by Federal Reserve Chair Janet Yellen this week which will be watched for clues on monetary policy.
New orders for U.S. manufactured capital goods rose for a second straight month in July. Core capital goods orders advanced 0.5 percent in June better than last month figures at 0.3%.
After the data release the pair declined slightly towards 1.1286 but recovered to trade at 1.1296 levels.
However, further upside is expected to be limited as pair finds strong resistance at 1.1397 which should limit upside and bring decline towards lower levels.
To the upside,immediate resistance can be seen at 1.1329, a break above will take the pair towards next resistance level at 1.1397.
To the downside, immediate support can be seen 1.1264 levels, a break below will open gates towards 1.1181 levels.
