FxWirePro: EUR/USD gains some upside momentum but still bearish
The EUR /USD pair inched slightly higher on Thursday as greenback bullish run paused against euro in thin trading volumes amid the U.S. Thanksgiving holiday. Recent positive U.S. economic data has helped to boost the dol…
The EUR /USD pair inched slightly higher on Thursday as greenback bullish run paused against euro in thin trading volumes amid the U.S. Thanksgiving holiday.
Recent positive U.S. economic data has helped to boost the dollar, pressuring euro as investors raise bets on an interest rate hike next month and further hikes in 2017.
Investors are now pricing in a nearly 100 percent probability of a December U.S. rate increase, according to CME FedWatch, and some investors expect further hikes in 2017.
The ongoing bearish trend is likely continue for this pair as the resistance level at 1.0652 is set 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 1.0603, a break above this level would expose the pair to next resistance level at 1.0652.
To the downside, immediate support can be seen at 1.0554, a break below at this level will open the door towards next level at 1.0512.
