FxWirePro: EUR/USD runs out of steam, bearish in the short term
The EUR/USD pair has declined towards lower levels on Wednesday as the US dollar gained strength across the board after local data showed building permits turned positive in January. The pair fell down to hit low at 1.11…
The EUR/USD pair has declined towards lower levels on Wednesday as the US dollar gained strength across the board after local data showed building permits turned positive in January. The pair fell down to hit low at 1.1105 and has been unable to sustain gains beyond the 1.1140 level afterwards.
At the moment the pair is trading around 1.1131 levels and it is expected to decline further towards 1.1080 and 1.1000 levels as the resistance level at 1.1191 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
To the upside, the strong resistance can be seen at 1.1191, a break above this level would take the pair towards next resistance level at 1.1249 levels.
To the downside immediate support can be seen at 1.1130 levels, a break below this level will open the door towards next level at 1.1084. Recommendation: Go short around 1.1190, targets 1.1100, 1.1050, SL 1.1250
