FxWirePro: EUR/USD outlook weaker on renewed downside pressure
EUR/USD declined on Wednesday after upbeat U.S. data released in the early US session helped the dollar extend gains against euro. Data showed U.S. private employers added 177,000 jobs in August, above economists' expect…
EUR/USD declined on Wednesday after upbeat U.S. data released in the early US session helped the dollar extend gains against euro.
Data showed U.S. private employers added 177,000 jobs in August, above economists' expectations, a report by a payrolls processor showed on Wednesday.
Further upside is expected to be limited as the pair faces strong resistance at 1.1208 which should limit upside and bring to decline towards 1.1100 and 1.1050 levels in the short term.
To the upside, the strong resistance can be seen at 1.1208, a break above will take the pair towards next resistance level at 1.1235.
To the downside immediate support can be seen at 1.1116 levels, a break below will open gates towards 1.1068 levels.
