FxWirePro: EUR/USD heads deeper into bear territory after strong U.S. data, Yellen comments
The EUR/USD declined in the US session as the pair found selling interest after U.S. Federal Reserve Chair Janet Yellen said the central bank could raise interest rates relatively soon. Dollar was also was supported by u…
The EUR/USD declined in the US session as the pair found selling interest after U.S. Federal Reserve Chair Janet Yellen said the central bank could raise interest rates relatively soon.
Dollar was also was supported by upbeat U.S. economic data which suggested that labor market was tightening and inflation beginning to gain traction.
U.S. consumer prices posted their biggest increase in six months, while housing starts surged to a 9-year high and jobless claims fell to the lowest level since November 1973.
The ongoing weakness in this pair is set to continue for this pair as the resistance level at 1.0727 is likely 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 1.0674, a break above this level would expose the pair to next resistance level at 1.0727.
To the downside, immediate support can be seen at 1.0620 a break below at this level will open the door towards next level at 1.0553.
