FxWirePro: EUR/USD l gains some upside momentum but still bearish
The EUR/USD pair inched higher on Monday as the single currency found some strength after positive euro zone inflation number and investors awaited for European Central Bank meeting. The euro zone's central bank may disc…
The EUR/USD pair inched higher on Monday as the single currency found some strength after positive euro zone inflation number and investors awaited for European Central Bank meeting.
The euro zone's central bank may discuss technical adjustments to its asset purchase scheme but analysts expect decision could be deferred until December.
The ongoing weakness is set to continue for this pair as the resistance level at 1.1108 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 1.1020, a break above this level would expose the pair to next resistance level at 1.1048.
To the downside, immediate support can be seen at 1.0992, a break below at this level will open the door towards next level at 1.0959.
