FxWirePro: EUR/USD rallies above 1.1080 but reversal is likely
The EUR/USD pair to trade in higher range today as dollar was under pressure after the Federal Reserve stopped short of signaling an imminent interest rate hike. The U.S. central bank left interest rates unchanged on Wed…
The EUR/USD pair to trade in higher range today as dollar was under pressure after the Federal Reserve stopped short of signaling an imminent interest rate hike.
The U.S. central bank left interest rates unchanged on Wednesday and said the near-term risks to the U.S. economic outlook had diminished and the Fed gave no firm indication it would do so at its next meeting in September.
The pair hit high at 1.1118 before retreating to trade around 1.1087 levels in the mid-morning US session.
However, further upside towards higher levels should be limited as the euro is set to weaken against greenback in the short term.
To the upside, the strong resistance can be seen at 1.1164, a break above will take the pair towards next resistance level at 1.1200.
To the downside immediate support can be seen at 1.1080 levels, a break below will open the door towards next level at 1.1052.
