FxWirePro: EUR/USD runs out of steam but maintains bullish outlook
The EUR /USD pair dipped on Monday as investors booked profits after gains in the previous session on a U.S. employment report that underwhelmed expectations, but dollar still looking exposed to any renewed optimism from…
The EUR /USD pair dipped on Monday as investors booked profits after gains in the previous session on a U.S. employment report that underwhelmed expectations, but dollar still looking exposed to any renewed optimism from a European Central Bank policy meeting this week.
European Central Bank policymakers meet this week. They are expected to take a more benign view of the euro zone economy and discuss dropping pledges to ramp up economic stimulus if needed.
The euro fell over 0.3 percent to $1.1244, compared to Friday's high of $1.1285.
Further downside in this pair is expected to be limited as the pair finds strong support at 1.1200 which should limit downside and bring rebound back to higher side.
To the upside, the immediate resistance can be seen at 1.1274, a break above this level would expose the pair to next resistance level at 1.1300.
To the downside, immediate support can be seen at 1.1237, a break below at this level will open the door towards next level at 1.1200.
