The EUR/USD pair declined on Thursday as upbeat US economic data raised bets that the Federal Reserve on track to raise interest rates by year-end. U.S. services sector activity rebounded to an 11-month high in September…
The EUR/USD pair declined on Thursday as upbeat US economic data raised bets that the Federal Reserve on track to raise interest rates by year-end.
U.S. services sector activity rebounded to an 11-month high in September, prompting traders bet that Federal Reserve will raise interest in December.
At the moment the pair is trading around 1.1150 levels and it is expected to decline further towards 1.1120 and 1.1050 levels as the resistance level at 1.1254 is set to hold the bears from falling further below, and push the pair towards higher levels.
To the upside, the strong resistance can be seen at 1.1217, a break above this level would take the pair towards next resistance level at 1.1254 levels.
To the downside immediate support can be seen at 1.1136 levels, a break below this level will open the door towards next level at 1.1100.
