FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption
The EUR/USD pair traded in lower range on Wednesday as investors awaited minutes of the Federal Reserve's last meeting for more clues on interest rate hikes this year. The Fed, which lifted interest rates and unveiled de…
The EUR/USD pair traded in lower range on Wednesday as investors awaited minutes of the Federal Reserve's last meeting for more clues on interest rate hikes this year.
The Fed, which lifted interest rates and unveiled details of its plan to cut its mammoth crisis-era bond portfolio at its mid-June meeting, will release minutes at 2 p.m. ET (1800 GMT).
A recent set of tepid economic data and an inflation rate below the central bank's 2 percent target may have a bearing on its rate hike plans.
The ongoing weakness is set to continue for this pair as the resistance level at 1.1376 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 1.1347, a break above this level would expose the pair to next resistance level at 1.1376.
To the downside, immediate support can be seen at 1.1316, a break below at this level will open the door towards next level at 1.1286.
