FxWirePro: EUR/USD maintains bullish bias with focus on 1.1200 levels
The EUR/USD rose higher on Wednesday as the single currency gained as political turmoil and weak economic data in the United States reduced expectations of aggressive interest rate rises this year. The dollar has taken a…
The EUR/USD rose higher on Wednesday as the single currency gained as political turmoil and weak economic data in the United States reduced expectations of aggressive interest rate rises this year.
The dollar has taken a hit from solid euro zone economic data, a fall in U.S. yields on heightened turmoil in Washington and downbeat housing data.
The euro climbed above $1.11 overnight, and hit $1.1128, its highest level since Nov. 9, in early US trading hours. It was last up 0.2 percent at $1.1127.
The pair remains under bulls control unless until it trades above 1.1044 resistance level, therefore it is good to buy this pair on dips.
To the upside, the strong resistance can be seen at 1.1200, a break above this level would take the pair towards next resistance level at 1.1239.
To the downside immediate support can be seen at 1.1102 levels, a break below this level will open the door towards next level at 1.1044.
