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Prior to the Federal Reserve hiking interest rates, the EUR/USD reached below the 1.0400 mark. The press conference held by the Fed caused a surge, as Jerome Powell made initially reassuring comments. However, by the middle of Thursday's trading, the pair was once again below the 1.0400 level. Moreover, the pair was ignoring the support and resistance of the rate and the 50 and 100-hour simple moving averages near 1.0430 and 1.0450.
If the Euro surges against the US Dollar, the currency pair is expected to encounter resistance in the 1.0500 mark, before reaching the 1.0550 level, the 200-hour SMA at 1.0570 and the weekly simple pivot point together with the 1.0600 level.
Meanwhile, a decline of the pair is set to look for support in the 1.0350 mark, the 2017 low level at 1.0340 and the weekly S2 simple pivot point at 1.0330. Further below, note the 1.0300, 1.0250 and 1.0200 levels, as there is no technical support as low as 1.0115.
Thu, 16 Jun 2022 14:28:45 GMT
Source: Dukascopy Bank SA
Prior to the Federal Reserve hiking interest rates, the EUR/USD reached below the 1.0400 mark. The press conference held by the Fed caused a surge, as Jerome Powell made initially reassuring comments. However, by the middle of Thursday's trading, the pair was once again below the 1.0400 level. Moreover, the pair was ignoring the support and resistance of the rate and the 50 and 100-hour simple moving averages near 1.0430 and 1.0450.
If the Euro surges against the US Dollar, the currency pair is expected to encounter resistance in the 1.0500 mark, before reaching the 1.0550 level, the 200-hour SMA at 1.0570 and the weekly simple pivot point together with the 1.0600 level.
Meanwhile, a decline of the pair is set to look for support in the 1.0350 mark, the 2017 low level at 1.0340 and the weekly S2 simple pivot point at 1.0330. Further below, note the 1.0300, 1.0250 and 1.0200 levels, as there is no technical support as low as 1.0115.