EUR/USD trades around 1.0600

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In general, as soon as the EUR/USD reveals a larger scale direction, a fundamental event reverses it. This way the pair has traded around the 1.0600 mark for two weeks.

The United States Federal Reserve has just revealed that it will keep the Federal Funds Rate unchanged at 5.50%. The news caused a 0.15% drop of the US Dollar index from 107.00 down to 106.82. The event was followed by the press conference of the Chairman of the Federal Reserve Jerome Powell. His initial talk caused a boost of the USD. However the afterwards question and answers session crashed the USD.

The EUR/USD surge could eventually aim at the combination of the weekly R1 simple pivot point at 1.0662 and the October 31 high levels at 1.0670/1.0675. Higher above, note that the 1.0700 mark is expected to impact the rate.

In the case of a reversal of the current move, the rate would decline and look for support in the weekly simple pivot point at 1.0592 and the 50, 100 and 200-hour simple moving averages near 1.0580.
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