EUR/USD reaches new low level

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The EUR/USD has reached a new low level. The reason for the decline is simple. At 18:00 GMT, the US Federal Reserve will boost demand for the Dollar by increasing USD base interest rate. The question before the event is what size would the hike be, as recent 0.75% hikes have failed to stop inflation growth in the US.

Meanwhile, from a technical perspective, the pair might find support in the 0.9900 mark, the September low levels at 0.9865/0.9875, the 0.9850 level and the 0.9800 mark together with the weekly S2 simple pivot point.

However, a potential recovery of the pair is set to encounter resistance in the 0.9940/0.9960 zone, before reaching the 1.0000 mark and the 50, 100 and 200-hour simple moving averages.
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Wed, 21 Sep 2022 12:58:50 GMT

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