FxWirePro: EUR/USD gains some upside momentum but still bearish
The EUR/USD pair inched higher on Wednesday as risk-aversion environment in global markets and uncertainty surrounding Federal Reserve Monetary policy and upcoming US elections weakened the greenback. The currency pair j…
The EUR/USD pair inched higher on Wednesday as risk-aversion environment in global markets and uncertainty surrounding Federal Reserve Monetary policy and upcoming US elections weakened the greenback.
The currency pair jumped towards 1.0945 in early US session but failed to advance further as the euro ran out of strength after the release of US home sales data.
US home sales increased 3.1 percent to a seasonally adjusted annual rate of 593,000 units last month, pulling them close to a nine-year high touched in July.
At the moment the pair is trading around 1.0908 levels. It is set to decline towards 1.0850 and 1.0800 levels as the resistance level at 1.1000 is set to hold the bulls from advancing further and push the pair towards lower levels.
To the upside, strong resistance can be seen at 1.1000, a break above this level would take the pair towards next resistance level at 1.1040 levels.
To the downside immediate support can be seen at 1.0886 levels, a break below this level will open the door towards next level at 1.0851.
