EUR/USD is beat down by Powell

Source: Dukascopy Bank SA


Initially, markets saw something bearish to the USD in the Federal Reserve rate hike. The EUR/USD surged and almost reached the 1.0000 mark. However, as the Chairman of the Federal Reserve Jerome Powell hosted the Press Conference, he explained that the Federal Reserve is not about to pivot and stop the monetary tightening policy. This resulted in a drop of the pair below 0.9850.

An extension of the ongoing decline is expected to first look for support in the combination of the weekly S1 simple pivot point at 0.9815 and the 0.9800 mark. Further below, the 0.9750 level might slow down a decline, before the 0.9700 mark would be reached. Even further below, the October low levels are expected to impact the pair at 0.9630/0.9645.

On the other hand, a recovery of the pair might face resistance in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 0.9900/0.9950 range. Afterwards, the 1.0000 parity mark is expected to act as resistance.
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