FxWirePro: EUR/USD outlook weaker on renewed downside pressure
The EUR/USD declined on Tuesday as demand for greenback increased ahead of a key two-day meeting of the U.S. Federal Reserve that is expected to deliver the second interest rate rise in a decade. The Fed meeting starts l…
The EUR/USD declined on Tuesday as demand for greenback increased ahead of a key two-day meeting of the U.S. Federal Reserve that is expected to deliver the second interest rate rise in a decade.
The Fed meeting starts later in the day and markets have priced in a nearly 100 percent chance of a quarter percentage point increase.
Further upside in this pair should be limited as the resistance level at 1.0690 should limit upside and bring towards lower levels.
To the upside, immediate resistance can be seen at 1.0649, a break above this level would take the pair towards next resistance level at 1.0690.
To the downside immediate support can be seen at 1.0597 levels, a break below this level will open the door towards next level at 1.0550.
