FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR /USD pair fell as low as 1.1139 during the early US session as dollar-denominated after upbeat U.S. manufacturing report boosted the view that Federal Reserve is likely to raise interest rates in December. Monday…
The EUR /USD pair fell as low as 1.1139 during the early US session as dollar-denominated after upbeat U.S. manufacturing report boosted the view that Federal Reserve is likely to raise interest rates in December.
Monday's data showed U.S. factories ramped up activity in September fuelled speculation that the Fed would lift rates at its December meeting.
The ongoing weakness is set to continue for this pair as the resistance level at 1.1252 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 1.1174, a break above this level would expose the pair to next resistance level at 1.1211.
To the downside, immediate support can be seen at 1.1137, a break below at this level will open the door towards next level at 1.1091.
