FxWirePro: EUR/USD neutral near-term, scope for downward resumption
EUR/USD inched higher in the US session as investors waited with caution on a speech by Federal Reserve Chair Janet Yellen on Friday for any new indications on when the U.S. central bank will raise interest rates. The pa…
EUR/USD inched higher in the US session as investors waited with caution on a speech by Federal Reserve Chair Janet Yellen on Friday for any new indications on when the U.S. central bank will raise interest rates.
The pair rose from 1.1301 to hit high at 1.1330 in the early US session before retreating slightly to trade at 1.1322.
Further, the upside is limited as the pair faces strong resistance at 1.1397 which should limit upside and bring decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.1330, a break above will take the pair towards next resistance level at 1.1366.
To the downside, immediate support can be seen at 1.1261 levels, a break below will open gates towards 1.1240 levels.
