EUR/USD reacts to Powell's talk

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


The EUR/USD has reacted to US fundamentals. Namely, the speech of Jerome Powell revealed that the Chairman of the United States Federal Reserve is considering earlier end of interest rate hikes. This indicates that the base rate of the USD would be lower than previously expected. As a result, the USD sharply declined.

By the start of Thursday's European trading hours, the pair had reached above 1.0450. In the meantime, the 1.0400 mark was acting as support.

An extension of the ongoing surge might encounter resistance in the weekly R1 simple pivot point at 1.0486, before approaching the 1.0500 mark. The 1.0500 acted as resistance during the Monday's high volatility.

On the other hand, a decline of the Euro against the US Dollar is set to continue to find support in the 1.0400 mark. Meanwhile, the 50, 100 and 200-hour simple moving averages could act as support in the 1.0350/1.0370 range. In addition, note the weekly simple pivot point at 1.0355.
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