FxWirePro: EUR/USD intraday upside momentum strong after Trump doubts knock dollar
The EUR /USD pair rose sharply on Monday as dollar tumbled as investors weighed the prospects of a U.S. fiscal spending boost under President Donald Trump after his failure to push through a key healthcare reform bill. T…
The EUR /USD pair rose sharply on Monday as dollar tumbled as investors weighed the prospects of a U.S. fiscal spending boost under President Donald Trump after his failure to push through a key healthcare reform bill.
Trump's inability to deliver on a major election campaign pledge marked a big setback for a Republican president whose own party controls Congress, and raised doubts over whether he will be able to see through tax reforms and a big spike in spending.
U.S. economic data and Federal Reserve’s Chair Yellen speech coming up this week will offer some more clues about the dollars next move.
The ongoing upside is set to continue for this pair as the support level at 1.0813 is likely to act as strong barrier to bears and push the pair further towards higher side.
To the upside, the immediate resistance can be seen at 1.0926, a break above this level would expose the pair to next resistance level at 1.0978.
To the downside, immediate support can be seen at 1.0875, a break below at this level will open the door towards next level at 1.0813.
