FxWirePro: EUR/USD sell-off resumes after Fed raises rates
The EUR /USD pair declined on Wednesday as dollar rose across the board after the Federal Reserve raised interest rates and signal a faster past of hikes next year. The Fed raised interest rates by a quarter point and si…
The EUR /USD pair declined on Wednesday as dollar rose across the board after the Federal Reserve raised interest rates and signal a faster past of hikes next year.
The Fed raised interest rates by a quarter point and signaled a faster pace of increases in 2017 as the Trump administration takes over with promises to boost growth through tax cuts, spending and deregulation.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0644 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0596, a break above this level would expose the pair to next resistance level at 1.0644.
To the downside, immediate support can be seen at 1.0554, a break below at this level will open the door towards next level at 1.0522.
