The EUR /USD pair declined on Monday as dollar strengthened ahead of a speech by Federal Reserve Chair Janet Yellen and Donald Trump's inauguration as President later this week. Trump did not disclose details at his Wedn…
The EUR /USD pair declined on Monday as dollar strengthened ahead of a speech by Federal Reserve Chair Janet Yellen and Donald Trump's inauguration as President later this week.
Trump did not disclose details at his Wednesday news conference on his plans for tax cuts, looser regulation and more infrastructure spending, which sparked euro sell-off following his presidential win on Nov. 8.
Much will depend on Trump and his plans for the U.S. economy after his inauguration on Friday. But overall dollar is expected to be stronger this year due to higher U.S. interest rates is set to cap euro's gains.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0692 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0611, a break above this level would expose the pair to next resistance level at 1.0650.
To the downside, immediate support can be seen at 1.0561, a break below at this level will open the door towards next level at 1.0500.
