EUR/USD waits for Fed rate hike

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


The pair remains between support at 1.0740 and resistance of the 1.0820 level throughout this week. The only exception was the mixed US CPI release on Tuesday that caused an increase of volatility, but no direction was established. The markets wait for the Federal Reserve Rate announcements at 19:00 GMT.

The event should easily break the moving averages, weekly pivot point and everything that is located close by to the rate. However, after the pair exhausts its initial move, the pair could be slowed down or stopped by a farther away technical level.

Above the 1.0800 mark note the weekly R1 simple pivot point at 1.0862 that could turn into resistance, before the pair reaches the 1.0900 mark and the weekly R2 at 1.0964.

However, a strengthening of the US Dollar against the Euro is set to result in a EUR/USD drop. The move could find support in the 1.0700 mark and the weekly S1 simple pivot point at 1.0690. Further below, note the weekly S2 at 1.0621.
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Wed, 13 Dec 2023 13:08:40 GMT

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