FxWirePro: EUR/USD reverses recent rally, bias back to downside
EUR /USD pair inched higher initially on Tuesday on reduced expectations of a U.S. interest-rate hike in the coming months. But declined in the US session, after data showed US consumer prices were unchanged in July. At …
EUR /USD pair inched higher initially on Tuesday on reduced expectations of a U.S. interest-rate hike in the coming months. But declined in the US session, after data showed US consumer prices were unchanged in July.
At the moment the pair is trading around 1.1263 levels and it is expected to decline towards 1.1200 and 1.1150 levels as the resistance level at 1.1380 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
To the upside, the immediate resistance can be seen at 1.1284, a break above this level would take the pair towards next resistance level at 1.1320 levels.
To the downside, immediate support can be seen at 1.1240 levels, a break below this level will open the door towards next level at 1.1194.
