FxWirePro: EUR/USD gains some upside momentum but still bearish
The EUR /USD pair inched higher on Wednesday as greenback bullish run paused against euro as investors were cautious about increasing bets on the greenback before getting fresh clues on the U.S. economy and the timing of…
The EUR /USD pair inched higher on Wednesday as greenback bullish run paused against euro as investors were cautious about increasing bets on the greenback before getting fresh clues on the U.S. economy and the timing of interest rate rises.
Recent positive U.S. economic data has helped to boost the dollar, pressuring euro as investors are pricing in two to three rate increases this year.
The ongoing bearish trend is likely continue for this pair as the resistance level at 1.0690 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 1.0541, a break above this level would expose the pair to next resistance level at 1.0615.
To the downside, immediate support can be seen at 1.0464, a break below at this level will open the door towards next level at 1.0363.
