FxWirePro: EUR/USD reverses recent rally, bias back to downside
The EUR/USD pair traded in lower range today in the early European session hitting as low as 1.0937 before rebounding towards 1.0967 levels, further advance towards higher levels should be limited around 1.1050 levels as…
The EUR/USD pair traded in lower range today in the early European session hitting as low as 1.0937 before rebounding towards 1.0967 levels, further advance towards higher levels should be limited around 1.1050 levels as the euro is set to come under selling pressure soon as the European Central Bank on Thursday is widely expected to ease monetary policy further to help shore up the weak Eurozone growth.
Currently the pair is trading around 1.0954 levels and it is expected decline towards 1.0900 and 1.0850 levels in the short term.
To the upside, the strong resistance can be seen at 1.0994, a break above will take the pair towards next resistance level at 1.1044.
To the downside immediate support can be seen at 1.0930 levels, a break below will open the door towards next level at 1.0882.
