FxWirePro: EUR/USD gains some upside momentum but still bearish
The EUR/USD rose higher on Thursday as dollar was weighed down after minutes of the latest Federal Reserve monetary policy meeting struck a cautious tone on raising interest rates, reducing expectations of a hike next mo…
The EUR/USD rose higher on Thursday as dollar was weighed down after minutes of the latest Federal Reserve monetary policy meeting struck a cautious tone on raising interest rates, reducing expectations of a hike next month.
The Fed minutes overnight showed many policymakers believed it may be appropriate to raise rates "fairly soon" if jobs and inflation data met expectations. But they also highlighted deep uncertainty over President Donald Trump's economic programme.
Further upside for this pair is expected to be limited as strong resistance level at 1.0659 is set to limit upside and bring decline towards lower levels.
To the upside, the strong resistance can be seen at 1.0659, a break above this level would take the pair towards next resistance level at 1.0700.
To the downside immediate support can be seen at 1.0535 levels, a break below this level will open the door towards next level at 1.0493.
