FxWirePro: EUR/USD maintains bullish bias with focus on 1.2000 level
The EUR/USD edged higher on Monday as dollar declined following comments from central bankers on Friday and worries over Tropical Storm Harvey. The greenback extended losses after tumbling on Friday after U.S. Federal Re…
The EUR/USD edged higher on Monday as dollar declined following comments from central bankers on Friday and worries over Tropical Storm Harvey.
The greenback extended losses after tumbling on Friday after U.S. Federal Reserve chair Janet Yellen did not mention monetary policy at a summit of central bankers in Wyoming, moderating expectations the Fed will raise interest rates further this year.
European Central Bank President Mario Draghi's decision to hold back from talking down the euro at the central bankers' meeting in Jackson Hole, despite the currency's double-digit gains this year, continued to weigh on the dollar and sent the euro to $1.1963 Monday, its strongest against the greenback since January 2015.
The euro is expected to remain firm in the short-term as investors are focused on the ECB whether it will announce plans to reduce debt-buying at its September policy meeting next week.
To the upside, immediate resistance can be seen at 1.1964, a break above this level would take the pair towards next resistance level at 1.2000.
To the downside, strong support can be seen at 1.1928 levels, a break below this level will open the door towards next level at 1.1891.
