The EUR /USD pair declined on Wednesday as dollar strengthened after comments from U.S. Federal Reserve officials raised expectations of an interest rate hike in March and overshadowed President Donald Trump's first majo…
The EUR /USD pair declined on Wednesday as dollar strengthened after comments from U.S. Federal Reserve officials raised expectations of an interest rate hike in March and overshadowed President Donald Trump's first major policy speech to Congress.
A much-anticipated speech by President Donald Trump failed to yield detail on his proposed fiscal stimulus plan, and was instead overshadowed by Fed policymakers suggesting they were worried about waiting too long to lift rates.
Data on Wednesday showed U.S. consumer price inflation jumped in January by 0.4 percent, the largest increase since February 2013, while consumer spending increased 0.2 percent in the month.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0681 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0577, a break above this level would expose the pair to next resistance level at 1.0636.
To the downside, immediate support can be seen at 1.0517, a break below at this level will open the door towards next level at 1.0479.
