FxWirePro: EUR/USD reverses recent rally, bias back to downside
The EUR/USD pair initially inched up towards 1.1234 on Wednesday as the pair found buying interest on growing concerns over a potential reduction in stimulus by the European Central Bank but declined after upbeat ISM U.S…
The EUR/USD pair initially inched up towards 1.1234 on Wednesday as the pair found buying interest on growing concerns over a potential reduction in stimulus by the European Central Bank but declined after upbeat ISM U.S. services data boosted dollar across the board.
The Institute for Supply Management said its non-manufacturing activity index rose to 57.1 last month, which was its highest level in 11 months.
Further upside is expected to be limited as the pair faces strong resistance at 1.1252 which should limit upside and bring decline back to lower side.
To the upside, the immediate resistance can be seen at 1.1211, a break above this level would expose the pair to next resistance level at 1.1252.
To the downside, immediate support can be seen at 1.1174, a break below at this level will open the door towards next level at 1.1137.
