EUR/USD reaches above 1.0700

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


On Tuesday, the EUR/USD had continued the surge, which was started by the European Central Bank's 0.50% rate hike. During the start of this week, the pair reached above 1.0700, before consolidating. Note that the currency pair is bound to remain rather flat until the Wednesday's 18:00 GMT Federal Reserve Interest Rate hike and follow up press conference.

A potential extension of the surge due to less hawkish Fed could face resistance in the 1.0735/1.0760 zone. This zone captures the pair's March high levels. Higher above, the weekly R1 simple pivot point might slow down the Euro against the USD.

However, a larger than expected rate increase by the Federal Reserve is set to cause a drop of the currency exchange rate. In this case scenario, the pair would look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.0650. Below, 1.0650 note the February and March low level zone at 1.0515/1.0535.
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Tue, 21 Mar 2023 08:16:07 GMT

GBP/USD reaches above high levels

The GBP/USD has continued to surge, as the rate has passed above the February high level at 1.2270. However, on Tuesday morning the pair appeared to have started a minor decline. The decline was attributed to a consolidation prior to the US Federal Reserve Rate hike scheduled for Wednesday. In the case the rate extends its decline, support might be found

Fri, 17 Mar 2023 13:44:24 GMT

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