FxWirePro: EUR/USD stronger after US inflation data, outlook remains bullish
EUR inched higher against US dollar on Tuesday after data US inflation data failed to convince investors that Federal Reserve was moving closer to another interest rate hike. The pair declined from 1.1330 to hit low at 1…
EUR inched higher against US dollar on Tuesday after data US inflation data failed to convince investors that Federal Reserve was moving closer to another interest rate hike.
The pair declined from 1.1330 to hit low at 1.1300 in the early US session, but recovered strongly towards 1.1340 levels after buyers stepped in.
Further downside is expected to be limited as the pair finds strong support at 1.1274.The currency pair is expected to advance further towards 1.1370 and 1.1400 levels in the short term.
To the upside, the strong resistance can be seen at 1.1378, a break above will take the pair towards next resistance level at 1.1415.
To the downside immediate support can be seen at 1.1315 levels, a break below will open gates towards 1.1274 levels.
