FxWirePro: EUR/USD outlook weaker on renewed downside pressure
EUR/USD pair declined on Tuesday as the pair was weighted down after dollar rose across the board after data showed U.S. GDP grew unexpectedly faster than initially thought in the third quarter. Gross domestic product in…
EUR/USD pair declined on Tuesday as the pair was weighted down after dollar rose across the board after data showed U.S. GDP grew unexpectedly faster than initially thought in the third quarter.
Gross domestic product increased at a 3.2 percent annual rate instead of the previously reported 2.9 percent pace. Growth was the strongest since the third quarter of 2014 and followed the second quarter's anemic 1.4 percent pace.
The greenback was also lifted in the wake of a higher inflation outlook under the administration of President-elect Donald Trump which is widely expected to rise next year.
The ongoing downside is set to continue for this pair as the resistance level at 1.0686 is likely to act as strong barrier to the bulls and push the pair towards lower side
To the upside, the immediate resistance can be seen at 1.0601 a break above will take the pair towards next resistance level at 1.0686.
To the downside, immediate support can be seen at 1.0556 levels, a break below will open the door towards next level at 1.0512.
