FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR /USD pair declined on Monday as greenback recovered ground as higher U.S. government bond yields helped halt a run of losses that added up to the currency's worst quarter since 2010. Signs of a shift towards poli…
The EUR /USD pair declined on Monday as greenback recovered ground as higher U.S. government bond yields helped halt a run of losses that added up to the currency's worst quarter since 2010.
Signs of a shift towards policy tightening last week from central bank officials outside the United States drove the euro above $1.14 to its highest in over a year, but the support of higher market interest rates continues to favour the greenback.
Further upside in this pair is expected to be limited as the pair finds strong resistance at 1.1386 which should limit further upside and bring decline towards lower levels in the short term.
To the upside, the immediate resistance can be seen at 1.1368, a break above this level would expose the pair to next resistance level at 1.1386.
To the downside, immediate support can be seen at 1.1349, a break below at this level will open the door towards next level at 1.1328.
