FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
EUR/USD remained in strong bearish tone against dollar on Wednesday as euro was weighed down on expectations that U.S. central bank will raise interest rates in June. Boston Fed President Eric Rosengren, an influential U…
EUR/USD remained in strong bearish tone against dollar on Wednesday as euro was weighed down on expectations that U.S. central bank will raise interest rates in June.
Boston Fed President Eric Rosengren, an influential U.S. central bank official, said on Wednesday that Federal Reserve should hike interest rates three more times this year, mapping out a somewhat hawkish option for the U.S. central bank.
The Fed has raised rates twice since December and they now stand in a range of 0.75 to 1 percent.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0960 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the strong resistance can be seen at 1.0905, a break above will take the pair towards next resistance level at 1.0960.
To the downside immediate support can be seen 1.0850 levels, a break below will open gates towards 1.0818 levels.
