FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR /USD pair declined on Wednesday as greenback steadied as investors focus shifted from U.S. politics to monetary policy after comments from a Federal Reserve official rekindled expectations of an interest rate hik…
The EUR /USD pair declined on Wednesday as greenback steadied as investors focus shifted from U.S. politics to monetary policy after comments from a Federal Reserve official rekindled expectations of an interest rate hike next month.
The minutes of the Federal Open Market Committee's early May meeting are due to be released at 1800 GMT. Interest rate futures on Tuesday implied traders saw about an 83 percent chance of a rate increase in June, up from 79 percent on Monday.
Further upside in this pair expected to be limited as the pair finds strong resistance at 1.1211 should limit further upside and bring decline towards levels in the short term.
To the upside, the immediate resistance can be seen at 1.1202, a break above this level would expose the pair to next resistance level at 1.1230.
To the downside, immediate support can be seen at 1.1173, a break below at this level will open the door towards next level at 1.1139.
