EUR/USD declines below 1.0880

Source: Dukascopy Bank SA


On Wednesday, as the US Federal Reserve Meeting Minutes were released at 18:00 GMT, the US Dollar strengthened. In general, the central bank intends to decrease its balance sheet by $95 billion per month and some officials of the central bank have argued for a 0.50% or 1.00% percent rate hike.

However, the pair was already declining before, as US central bankers had given interviews revealing that the US is about to introduce restrictive monetary policy. Namely, even prior to the publication the EUR/USD had pierced the 1.0880 mark.

If the US Dollar continues to strengthen as the news of the US Fed policy spread, the EUR/USD would have no technical support as low as the weekly S2 simple pivot point at 1.0818 and the March low level zone at 1.0807/1.0820.

On the other hand, a potential recovery of the EUR/USD might encounter resistance at 1.0900, before approaching the weekly S1 simple pivot point and the 50-hour simple moving average near 1.0930. Higher above, note the resistance zone, which surrounds the 1.0950 mark.
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