FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR /USD pair rose in the early US session as greenback gave up earlier gains after data showed U.S. economic growth slowed sharply in the fourth quarter. Gross domestic product increased at a 1.9 percent annual rate…
The EUR /USD pair rose in the early US session as greenback gave up earlier gains after data showed U.S. economic growth slowed sharply in the fourth quarter.
Gross domestic product increased at a 1.9 percent annual rate, the Commerce Department said on Friday in its first estimate of fourth-quarter GDP. That was a deceleration from the 3.5 percent growth pace logged in the third quarter.
However, further upside in this pair is expected to be limited as the pair finds strong resistance at 1.0788 which should limit further upside and bring decline towards lower levels in the short term.
To the upside, the immediate resistance can be seen at 1.0725, a break above this level would expose the pair to next resistance level at 1.0788.
To the downside, immediate support can be seen at 1.0660, a break below at this level will open the door towards next level at 1.0623.
