FxWirePro: EURUSD gains some upside momentum but still bearish
EUR/USD inched higher on Monday as concerns over a failed coup attempt in Turkey eased increasing demand for European currencies. The pair rose to hit high at 1.1082 before retreating slightly to trade at 1.072 in the af…
EUR/USD inched higher on Monday as concerns over a failed coup attempt in Turkey eased increasing demand for European currencies.
The pair rose to hit high at 1.1082 before retreating slightly to trade at 1.072 in the afternoon US session.
However, further upside is expected to be limited as the pair faces strong resistance at 1.1166 which should limit upside and bring decline back towards lower side.
To the upside, the immediate resistance can be seen at 1.1077, a break above will take the pair towards next resistance level at 1.1115.
To the downside immediate support can be seen at 1.1040 levels, a break below will open gates towards 1.0991 levels.
