EUR/USD reacts to weakening Dollar

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


The Federal Reserve hiked just 0.25% that were expected. Moreover, follow up comments by the head of the Federal Reserve have been perceived by the markets as dovish for the USD. Namely, the US Dollar's value and demand for it will not grow due to monetary tightening, as the Fed remains indecisive and "data dependant."

In the aftermath of the event, the EUR/USD pierced the resistance of the 1.1100 mark and was signalling a continuation of the ongoing upwards move. The surge of the Euro against the US Dollar is expected to be slowed down by the combination of the 1.1150 level and the 200-hour simple moving average. Higher above, take into account the weekly simple pivot point at 1.1169, the 1.1200 mark and the weekly R1 simple pivot point at 1.1231.

On the other hand, a potential decline of the Euro against the US Dollar is expected to look for support in various technical levels. The 100-hour SMA is acting as weak support at 1.1086. The combination of the 50-hour SMA and the weekly S1 simple pivot point are impacting the rate near 1.1060. Further below, note this week's low level zone at 1.1020/1.1040.
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