FxWirePro: EUR/USD outlook weaker on renewed downside pressure
EUR/USD declined to trade around 1.0620 levels, giving up earlier gains made in early US session as better than expected U.S. existing home sales last month further cemented expectations that Federal Reserve will hike in…
EUR/USD declined to trade around 1.0620 levels, giving up earlier gains made in early US session as better than expected U.S. existing home sales last month further cemented expectations that Federal Reserve will hike interest rate in December.
U.S. home resales rose two percent in October to an annual rate of 5.6 million units, the highest level in more than 9-1/2 years.
Further upside in this pair should be limited as the resistance level at 1.0721 levels should limit upside and bring a decline towards lower levels.
To the upside, immediate resistance can be seen at 1.0670, a break above will take the pair towards next resistance level at 1.0721.
To the downside, immediate support can be seen at 1.0618 levels, a break below will open gates towards 1.0543 levels.
