EUR/USD recovers before Fed rate

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


Today, all attention will be on the US Federal Reserve Rate announcement at 18:00 GMT. The event is going to set the base rate on the USD. A hike is expected to increase the USD demand and value, but no hike would decrease it. Prior to the event, the EUR/USD retraced back up and broke two resistance levels. It could be assumed that the short position holders were taking profits prior to the event.

In the case of a surge of the EUR/USD, note the resistance of the 1.1100 mark and the 100-hour simple moving average. Higher above, the 1.1150 level, the weekly simple pivot point at 1.1169 and the 200-hour SMA might act as resistance.

On the other hand, a decline of the Euro against the US Dollar might find support in the 50-hour SMA, the weekly S1 simple pivot point at 1.1063 and the 1.1050 mark, before approaching the weekly S2 and the 1.1000 mark.

However, fundamentals and especially Fed rate hike are above all technicals.
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Actual Topics

Wed, 26 Jul 2023 09:30:46 GMT

GBP/USD is back above 1.2900

Today, all attention will be on the US Federal Reserve Rate announcement at 18:00 GMT. The event is going to set the base rate on the USD. A hike is expected to increase the USD demand and value, but no hike would decrease it. Prior to the event, the GBP/USD retraced back up above 1.2900 and broke resistance levels.

Tue, 25 Jul 2023 12:27:27 GMT

Gold retreats below support

The price for an ounce of gold has passed below the support zone at 1,957.25/1,964.20. However, it was observed that the 1,955.00 mark acted as support. Meanwhile, on Tuesday, resistance was encountered in the 1,965.00 level and the 200-hour simple moving average. A decline below 1,955.00 is expected to find support in the 1,950.00, 1,940.00 and 1,932.25 levels. These levels

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