FxWirePro: EUR/USD under pressure, knocking on door of key support

• EUR/USD declined on Friday as the dollar strengthened after data showed a key inflation measure came in line with expectations.

•. The personal consumption expenditures (PCE) price index increased by 0.2% last month, matching expectations, following an unrevised 0.1% rise in June, according to the latest data.

• The PCE price index rose by 2.5%, matching the increase seen in June. Consumer spending also grew, rising by 0.5% last month following a 0.3% expansion in June.

• The euro weakened, dropping 0.14% against the dollar to $1.1062, its lowest level since August 19th.

• Immediate resistance is located at 1.1108( 38.2%fib), any close above will push the pair towards 1.1138( Aug 29th high).

• Strong support is seen at 1.1055(50%fib) and break below could take the pair towards 1.0952 (61.8%fib).

  Recommendation: Good to sell around 1.1070, with stop loss of 1.1100 and target price of 1.0950