FxWirePro: EURUSD changes short term trend from neutral to bearish
The EUR/USD pair declined towards lower levels on Friday as the US dollar gained strength across the board after robust economic data boosted investor sentiment. Retail sales increased 0.6 percent after declining 0.2 per…
The EUR/USD pair declined towards lower levels on Friday as the US dollar gained strength across the board after robust economic data boosted investor sentiment.
Retail sales increased 0.6 percent after declining 0.2 percent in August. Sales were up 2.7 percent from a year ago.
At the moment the pair is trading around 1.1007 levels and it is expected to decline further towards 1.0950 and 1.0900 levels as the resistance level at 1.1070 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
To the upside, the immediate resistance can be seen at 1.1031, a break above will take the pair towards next resistance level at 1.1070.
To the downside, immediate support can be seen 1.0984 levels, a break below will open gates towards 1.0954 levels.
