FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR /USD pair declined on Wednesday as dollar firmed on expectations of a U.S. interest rate increase in June and the market discounted a surprise win by France's far-right presidential candidate. The U.S. Federal Re…
The EUR /USD pair declined on Wednesday as dollar firmed on expectations of a U.S. interest rate increase in June and the market discounted a surprise win by France's far-right presidential candidate.
The U.S. Federal Reserve is expected to hold interest rates steady after concluding its two-day meeting on Wednesday, but it might focus on future rate hikes.
U.S. private employers added 177,000 jobs in April, slightly above economists' expectations, a report by a payrolls processor showed on Wednesday.
Economists had forecast the ADP National Employment Report would show a gain of 175,000 jobs, with estimates ranging from 140,000 to 236,000.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0980 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 1.0934, a break above this level would expose the pair to next resistance level at 1.0980.
To the downside, immediate support can be seen at 1.0883, a break below at this level will open the door towards next level at 1.0851.
