FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR /USD pair fell as low as 1.0493 on Wednesday as dollar rose ahead Federal Reserve minutes that will be scoured for clues about the next U.S. interest rate rise. Traders are awaiting the minutes from the U.S. Fede…
The EUR /USD pair fell as low as 1.0493 on Wednesday as dollar rose ahead Federal Reserve minutes that will be scoured for clues about the next U.S. interest rate rise.
Traders are awaiting the minutes from the U.S. Federal Reserve's last meeting, due at 1900 GMT on Wednesday.
The Fed minutes due later may either reinforce or undermine recent hawkish comments from central bank policy makers which have bolstered market bets on a rise in rates as early as next month.
Investors focus will be on the Fed's economic assessment in the minutes, which should emphasise on recent upbeat economic data. However, the market may still be doubtful about the possibility of a near-term Fed rate hike.
To the upside, the immediate resistance can be seen at 1.0530, a break above this level would expose the pair to next resistance level at 1.0578.
To the downside, immediate support can be seen at 1.0487, a break below at this level will open the door towards next level at 1.0452.
