EUR/USD reaches above 1.0900

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Source: Dukascopy Bank SA


The EUR/USD has reacted to the Federal Reserve Rate hike of 0.25% and the following comments of the head of the central bank Jerome Powell. In general, the central bank plans no rate cuts. In regards to further hikes the central bankers would continue to watch inflation data. The pair reacted to the news with a surge. The surge is attributed to the fact that the European Central Bank is set to continue with 0.50% rate hikes.

On Thursday morning, the EUR/USD reached above the 1.0900 mark. A continuation of the currency pair's surge might encounter resistance in the 1.0950 and 1.1000 levels, before reaching the weekly R3 simple pivot point at 1.1022.

Meanwhile, a potential decline of the rate is expected to look for support in the 1.0850 level and the 50-hour simple moving average. Below these levels, the rate could find support at 1.0800 or the 1.0735/1.0760 zone.
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