EUR declined against US dollar on Wednesday after data showed US inflation increased more than expected. The pair extended its decline from 1.1097 to hit low at 1.1054 in the early US session. Further upside is expected …
EUR declined against US dollar on Wednesday after data showed US inflation increased more than expected.
The pair extended its decline from 1.1097 to hit low at 1.1054 in the early US session.
Further upside is expected to be limited as the pair faces strong resistance at 1.1294 and the pair is expected to decline towards 1.1230 and 1.1170 levels in the short term.
Technically the pair has extended its decline below its 21 DMA, the RSI in the 4 hour chart is indicating downwards at 35, meanwhile the 55, 30 MA's are turning towards lower side.
To the upside, the strong resistance can be seen at 1.1118, a break above will take the pair towards next resistance level at 1.1175.
To the downside immediate support can be seen 1.1049 levels, a break below will open gates towards 1.1000 levels.
