The Euro depreciated against the US Dollar, following the FOMC Statement release on Wednesday at 19:00 GMT. The EUR/USD exchange currency rate lost 43 pips or 0.36% after the release. The Euro continued trading at the 1.2200 level against the Greenback after the release.
According to the official release: "The Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals."
Economic Calendar Analysis
There are no more notable events for the EUR/USD this week. However, during Thursday's trading hours the next week's event review is set to be published. The article will be available in the Fundamental Analysis section.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
During Thursday morning hours, the EUR/USD currency pair exceeded the weekly R2 at 1.2222.It is likely that now the exchange rate could gain support from the predetermined level and continue to trade upwards in the short term. Note that the rate could face the resistance level formed by the weekly R3 at 1.2277.
In the meantime, it is unlikely that bears could prevail in the market, and the currency pair could decline below the support area formed by 55-, 100– and 200-hour SMAs, as well the weekly R1 in the 1.2137/1.2176 range.
Hourly Chart
On the daily candle chart, the currency exchange rate continues to surge in the borders of a channel up pattern. The resistance of the ascending pattern was located at the 1.2300 mark. Namely, the pair could reach for this level.
In the meantime, note that the 2018 high level of 1.2528 is marked on the chart, as a 0.00% Fibo. It is connected with the 2017 low level.
Daily chart
Read More: Technical Analysis
Traders are short
Since Wednesday, on the Swiss Foreign Exchange trader open positions were bearish, as 61% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 64% to sell the pair.