However, as the Chairman of the Federal Reserve Jerome Powell hosted the Press Conference, he explained that the Federal Reserve is not about to pivot and stop the monetary tightening policy. This resulted in a drop of the pair below 0.9850.
Economic Calendar Analysis
On Thursday, the Bank of England is scheduled to also hike its interest rate at 12:00 GMT. The central bank is bound to react to and comment on recent political events in the United Kingdom.
On the same day at 14:00 GMT, the US ISM Services PMI is expected to impact the value of the US Dollar.
On Friday, more important data will be published. At 12:30 GMT, the US Unemployment Rate, Non-Farm Employment Change and Average Hourly Earnings are expected to cause US Dollar's moves.
EUR/USD hourly chart
An extension of the ongoing decline is expected to first look for support in the combination of the weekly S1 simple pivot point at 0.9815 and the 0.9800 mark. Further below, the 0.9750 level might slow down a decline, before the 0.9700 mark would be reached. Even further below, the October low levels are expected to impact the pair at 0.9630/0.9645.On the other hand, a recovery of the pair might face resistance in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 0.9900/0.9950 range. Afterwards, the 1.0000 parity mark is expected to act as resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the fundamental event pushed the pair below the 50-day simple moving average and the 0.9860/0.9900 zone. October and September low levels could act as support to a broader decline.Daily chart
Read More: Technical Analysis
Traders are mostly bullish
In the aftermath of the US rate hike, on the Swiss Foreign Exchange, trader open positions were bullish, as 60% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to buy the Euro against the USD.