The EUR /USD pair declined on Monday as investors braced for a potential interest rate hike in the United States. Markets have priced in an U.S. interest rate rise when the Federal Reserve meets this Wednesday, a view ce…
The EUR /USD pair declined on Monday as investors braced for a potential interest rate hike in the United States.
Markets have priced in an U.S. interest rate rise when the Federal Reserve meets this Wednesday, a view cemented by robust U.S. jobs data on Friday.
The Federal Open Market Committee, the central bank's policy-setting board, is expected to lift interest rates by a quarter point to 0.75 percent-1.00 percent after a two-day meeting that starts on Tuesday.
Further upside for this pair is expected to be limited as strong resistance level at 1.0766 is set to limit upside and bring decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0696, a break above this level would expose the pair to next resistance level at 1.0730.
To the downside, immediate support can be seen at 1.0652, a break below at this level will open the door towards next level at 1.0600.
