EUR/USD drops due to FOMC

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Source: Dukascopy Bank SA


On June 16, the US Federal Reserve published the Federal Open Market Committee's Statement, Economic Projections and Federal Funds Rate. During the forty minutes following the announcement, the EUR/USD currency exchange rate dropped 100 base points.

On Thursday, the decline of the EUR/USD had stopped at the support of the weekly S3 simple pivot point at 1.1937.

In the case of the pair extending the decline, the currency exchange rate could look for support in the round exchange rate levels like the 1.1900 and the 1.1850.

On the other hand, a potential recovery would face resistance near 1.2000. Afterwards, the weekly S2 simple pivot point could provide resistance at 1.2015.
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