FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR /USD pair declined on Thursday as dollar firmed slightly ahead a vote by lawmakers on a healthcare proposal, which is seen as a gauge of the Trump administration’s ability to implement near-term goals. U.S. Presi…
The EUR /USD pair declined on Thursday as dollar firmed slightly ahead a vote by lawmakers on a healthcare proposal, which is seen as a gauge of the Trump administration’s ability to implement near-term goals.
U.S. President Donald Trump faces a vote in the House of Representatives on a plan that would roll back the signature healthcare law of former President Barack Obama.
Delays in passing domestic legislation, including healthcare, are seen as likely to push back any new fiscal stimulus, which investors had anticipated would boost growth and possibly lead to faster than previously expected interest rate increases.
Further upside for this pair is expected to be limited as strong resistance level at 1.0876 is set to limit upside and bring decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0825, a break above this level would expose the pair to next resistance level at 1.0876.
To the downside, immediate support can be seen at 1.0770, a break below at this level will open the door towards next level at 1.0706.
