The United States Federal Reserve announced its Federal Funds Rate. Markets expected the Fed to keep the base interest rate unchanged at 5.50%. The Fed has done exactly that. However, the US Dollar declined on the announcement, as the market participants must have seen this as a relief from possible rate hike. Namely, inflation has shown to be persistent in
After declining below 1.0900/1.0920 range, the EUR/USD returned to the range and confirmed it as resistance at mid-Monday. The event was followed up by a decline that during the first half of Tuesday had reached the 1.0840 level. In general, the pair could soon consolidate due to the upcoming United States Federal Reserve rate hike that is scheduled for late Wednesday.
Since the last review of the EUR/USD chart, the pair fluctuated between the support range at 1.0900/1.0920 and resistance of 1.0960 and 1.0980 levels. On Thursday, March 14, the US Producer Price Index data release caused a major surge of the US Dollar. The event resulted in the rate declining below 1.0900. US PPI causes Dollar surge Despite the US Consumer Price
The EUR/USD managed to finally breach the 1.0860/1.0890 range and the combination of the 1.0900 mark and the weekly R2 simple pivot point. However, the rate consolidated before the ECB policy announcement and the announcement caused a retracement to the support of the passed range and the weekly R1 simple pivot point. After the fundamental event passed, EUR/USD continued the surge. Meanwhile,
At exactly 15:00 GMT, the US Institute for Supply Management published its Purchasing Managers Index. The markets expected the index to show good conditions in the sector, but the actual data disappointed. Due to this reason the US Dollar sharply declined. The EUR/USD reacted to the news by resuming its attempts to move above 1.0860/1.0890 range. Economic Calendar Analysis On Wednesday, at
Since February 21, EUR/USD pair continues to find support in the range near 1.0800. Meanwhile, resistance is provided by the 1.0860/1.0890 range. On Monday, the pair approached the resistance range. Economic Calendar Analysis During the week, noteworthy events start on Tuesday at 15:00 GMT, as at that time the US Institute for Supply Management Services sector Purchasing Managers Index is set to
The EUR/USD pair continues to find support in the range near 1.0800. Meanwhile, resistance is provided by the 1.0860/1.0890 range. Economic Calendar Analysis During the upcoming week, noteworthy events start on Tuesday at 15:00 GMT, as at that time the US Institute for Supply Management Services sector Purchasing Managers Index is set to be released. On Wednesday, at 13:15 GMT the US ADP
The pair has managed to break above the resistance zone that is located at the 1.0800 mark. The rate appears to be continuing its surge. Economic Calendar Analysis This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a protocol of the last Federal Reserve monetary policy committee meeting. They could provide
The EUR/USD started the week by bouncing of the resistance of the 1.0790 level. By mid-Monday, the pair had declined to the combined support of the 100 and 200-hour SMAs, weekly simple pivot point and the 1.0750 level. Economic Calendar Analysis This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a
The EUR/USD dropped from 1.0800 down to 1.0700 due to the release of the United States Consumer Price Index. The higher than expected inflation caused a strengthening of the US Dollar. However, by the end of Thursday's trading, the pair had almost recovered to 1.0800. Economic Calendar Analysis On Friday, the US Producer Price Index data sets could impact the pair at
The 1.0720/1.0740 support range held. Moreover, it appears that the rate reversed already at the weekly S1 simple pivot point at 1.0744. After finding support, the rate surged and encountered resistance in the 200-hour simple moving average. Economic Calendar Analysis This week, there are no more events scheduled that could impact the rate. EUR/USD hourly chart analysis A move above the 200-hour SMA would
Since encountering support at 1.0720/1.0740, the EUR/USD rate slightly recovered. However, the recovery did not manage to reach the 1.0800 mark, as on Thursday the rate declined and was heading back to the support range. The decline was attributed to recent comments by US central bankers that they want inflation to got down, before considering rate cuts. Economic Calendar Analysis This week,
The United States Bureau of Labor Statistics has published the monthly employment data sets. The released data has caused a surge of the US Dollar of 0.5% over the span of a minute. Afterwards, the Dollar continue to gain, as the momentum had continued. Since mid-Monday, the Dollar index was testing the 104.50 level's resistance. The EUR/USD has declined to the
The United States Federal Reserve has just published its Federal Funds Rate. As expected, the central bank has kept its base rate unchanged at 5.50%. The no change was expected. Afterwards, the markets were looking forward to the follow up press conference of the Chairman of the Federal Reserve Jerome Powell. In general, the head of the central bank stated that
Prior to the release of the US Federal Reserve Rate announcement, the EUR/USD dropped and found support in the combination of the 1.0800 level and the weekly S1 simple pivot point at 1.0798. The event was followed by a surge that eventually broke the 1.0820/1.0830 range, the 50-hour simple moving average and the resistance line that has pushed the rate
The EUR/USD has continued to be volatile near the 1.0900 mark, as various data has come in and bounced the rate around. However, this week the pair passed below the 1.0820/1.0830 range and appeared to be confirming it as resistance. Economic Calendar Analysis This week, the financial markets could be moved by fundamental data releases starting from Tuesday. On that day, the
Throughout the past week, the financial markets have been reacting to United States fundamental data releases. In general, Consumer and Producer price indices and Retail Sales data have revealed that prices are going higher and the consumers don't care and just keep buying. Namely, the US Federal Reserve is not likely to cut interest rates, as the markets suddenly assumed
During the volatility caused by the US Consumer Price Index, the EUR/USD encountered resistance in the 1.1000 mark, which kept the rate down. On Friday, prior to the PPI publication, the rate had returned to trade near 1.0950. Economic Calendar Analysis On Friday, at 13:30 GMT, inflation at the producer level will be revealed, as the US Producer Price Index will be
In general, technical analysis is set to remain rather irrelevant until the publication of the US Consumer Price Index on Thursday at 13:30 GMT. Meanwhile, note that some impact could be made by strong clusters of technical levels. Support is found near 1.0930 and resistance was located at 1.0980. Economic Calendar Analysis This week, the top event is scheduled for Thursday. At
Since the high volatility that was caused by the US employment data, the EUR/USD rate has consolidated around the 1.0950. Support is found near 1.0930 and resistance was located at 1.0980. In the meantime, note that the initial drop of the US Dollar was offset by details of the US employment release. Namely, despite new jobs, higher earnings and lower unemployment
In general, fundamentals keep making an impact on the markets. It was revealed eventually to the world that the Fed might not cut rates until the end of 2024, which strengthened the US Dollar. Moreover, the release of US Employment data on Friday at 13:30 GMT caused volatility. The EUR/USD had declined to the support of the 1.0880/1.0890 range due to
The publication of the US Federal Reserve Meeting Minutes has reminded the world that the Fed is debating a reduction of interest rates and a stop to the reduction of the central bank's balance sheet. The reminder caused a decline of the US Dollar's value. On the EUR/USD charts the pair had additional support of the 1.0900 mark and a recovery
The EUR/USD decline has extended below the 1.1000 mark, as the year started with a surge of the US Dollar against other assets. However, the pair appears to have found support in the 1.0930/1.0935 zone. Economic Calendar Analysis At the start of 2024, notable events start on Wednesday. At 15:00 GMT, watch the Institute for Supply Management Manufacturing Purchasing Managers Index survey
At the end of the year US firms book losses on assets to reduce their annual profit and with it the taxable income. It occurs by selling stocks, bonds, other currencies on last day of the year and buying them back on the first day of trading. Namely, big players are selling everything against the Dollar, which is boosting the