FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR /USD pair declined on Tuesday as investors looked past U.S. President Donald Trump's protectionist rhetoric and focused on encouraging economic data and quarterly earnings reports. Trump formally withdrew from th…
The EUR /USD pair declined on Tuesday as investors looked past U.S. President Donald Trump's protectionist rhetoric and focused on encouraging economic data and quarterly earnings reports.
Trump formally withdrew from the Trans-Pacific Partnership trade deal on Monday and told U.S. manufacturing executives he would impose a hefty border tax on firms that import products after moving American factories overseas.
The U.S. dollar recovered against euro, offsetting recent losses related to the change in U.S. leadership, as bargain hunters stepped in and bought back the currency still viewed as having the best economic outlook in the developed world.
Further upside in this pair should be limited as euro is set to weaken against green back in the short term.
To the upside, the immediate resistance can be seen at 1.0784, a break above this level would expose the pair to next resistance level at 1.0800.
To the downside, immediate support can be seen at 1.0740, a break below at this level will open the door towards next level at 1.0687.
