EUR/USD weakens afterTurkey raises rates

FXstreet.com (Córdoba) - The EUR/USD finished Tuesday trading around 1.3670, practically flat, but started Wednesday on a weak note falling toward 1.3650 after the Turkish Central Bank announced a bigger-than-expected increase in interest rates. So far the pair bottomed at 1.3548, price located 22 pips above Tuesday's lows.

The sharp decline in the EUR/TRY, that since the announcement has lost more than a thousand pips, weakened the Euro across the board.

EUR/USD levels to watch

To the downside immediate support lies at 1.3650 (American session low), 1.3627 (January 28 low), 1.3600 (psychological level) and 1.3580 (January 22 high). To the upside, resistance could be located at 1.3670 and above at 1.3700 and 1.3730.