The EUR/USD currency pair is currently trading at 1.10704. As anticipated, the Federal Reserve has increased interest rates by 25 basis points.
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- The Federal Reserve raised rates as expected by 25 basis points.
The pair currently trades last at 1.10704.
The previous day high was 1.1087 while the previous day low was 1.1021. The daily 38.2% Fib levels comes at 1.1046, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1062, expected to provide support.
The EUR/USD rose modestly from 1.1050 to 1.1079 after the Federal Reserve announced a 25 basis point rate hike. The US Dollar dropped modestly after the decision as US yields moved sideways.
The Fed raised its key interest rate to 5.25%-5.5%, the highest level in 22 years. The statement contained little changes compared to the previous meeting, and the vote in favor of the rate hike was unanimous. Now attention turns to Chair Powell’s press conference. He is unlikely to declare an end to the hiking cycle and will reiterate that the Fed’s policy is on a data-dependent path.
On Thursday, the European Central Bank (ECB) will hold its Governing Council meeting. A 25 basis point rate hike is currently priced in, but the focus will be on any signs about the future path of monetary policy. Following the ECB decision, important US economic data will be released, including the first reading of Q2 GDP growth and the weekly jobless claims report.
The EUR/USD remains within an intraday range, with support at the 1.1050 area and limited around 1.1080. A decline below 1.1050 should add bearish pressure, initially exposing the daily low at 1.1037 and then the weekly low at 1.1020. On the upside, the Euro faces resistance around 1.1090. If it breaks above, more gains above 1.1100 seem likely, with the next resistance seen at 1.1115.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.1058 at the time of writing. Pair opened at 1.1052 and is trading with a change of 0.05 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.1058 |
| 1 | Today Daily Change | 0.0006 |
| 2 | Today Daily Change % | 0.0500 |
| 3 | Today daily open | 1.1052 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.1041, 50 SMA 1.0901, 100 SMA @ 1.0891 and 200 SMA @ 1.0701.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.1041 |
| 1 | Daily SMA50 | 1.0901 |
| 2 | Daily SMA100 | 1.0891 |
| 3 | Daily SMA200 | 1.0701 |
The previous day high was 1.1087 while the previous day low was 1.1021. The daily 38.2% Fib levels comes at 1.1046, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1062, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.102, 1.0987, 1.0954
- Pivot resistance is noted at 1.1086, 1.1119, 1.1152
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1087 |
| Previous Daily Low | 1.1021 |
| Previous Weekly High | 1.1276 |
| Previous Weekly Low | 1.1108 |
| Previous Monthly High | 1.1012 |
| Previous Monthly Low | 1.0662 |
| Daily Fibonacci 38.2% | 1.1046 |
| Daily Fibonacci 61.8% | 1.1062 |
| Daily Pivot Point S1 | 1.1020 |
| Daily Pivot Point S2 | 1.0987 |
| Daily Pivot Point S3 | 1.0954 |
| Daily Pivot Point R1 | 1.1086 |
| Daily Pivot Point R2 | 1.1119 |
| Daily Pivot Point R3 | 1.1152 |
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