The currency pair EUR/USD is experiencing fluctuation within the range of 1.0680 and 1.0720 after the Federal Reserve decided to maintain interest rates but indicated the possibility of future tightening measures.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- UR/USD trades in a volatile 1.0680/1.0720 range after the Fed keeps rates unchanged but signals future tightening.
The pair currently trades last at 1.06865.
The previous day high was 1.0718 while the previous day low was 1.0675. The daily 38.2% Fib levels comes at 1.0691, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0702, expected to provide resistance.
The EUR/USD drops sharply late in the New York session as the US Federal Reserve (Fed) decided to keep rates unchanged at the 5.25%-5.50% range, though it stood to its restrictive stance. Also, the Fed upward revised the Federal Funds Rate (FFR) to 5.1% for 2024, as shown by the Summary of Economic Projections (SEP). At the time of writing, the EUR/USD trades volatile at around the 1.0680/1.0720 area.
The Fed held rates unchanged as expected and kept the door open for additional tightening toward the end of the year. In their monetary policy statement, Fed officials emphasized that “Inflation remains elevated” while acknowledging that economic growth is expanding at a solid pace while the job market remains tight.
Although the monetary policy statement did not change much from the previous decision, Fed officials’ upward revision to interest rates 2024 from 4.6% to 5.1% was the main reason behind the sudden US Dollar strength.
As newswires crossed, the EUR/USD tumbled below the 1.0700 mark, extending its losses past the R1 pivot point at 1.0706, though shy of testing the daily low of 1.0672. Nevertheless, as the Fed Chair Powell looms, expect the pair to remain trading volatile during the rest of the New York session.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0727 at the time of writing. Pair opened at 1.068 and is trading with a change of 0.44 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0727 |
| 1 | Today Daily Change | 0.0047 |
| 2 | Today Daily Change % | 0.4400 |
| 3 | Today daily open | 1.0680 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0763, 50 SMA 1.0918, 100 SMA @ 1.0889 and 200 SMA @ 1.0829.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0763 |
| 1 | Daily SMA50 | 1.0918 |
| 2 | Daily SMA100 | 1.0889 |
| 3 | Daily SMA200 | 1.0829 |
The previous day high was 1.0718 while the previous day low was 1.0675. The daily 38.2% Fib levels comes at 1.0691, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0702, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0664, 1.0648, 1.0621
- Pivot resistance is noted at 1.0707, 1.0734, 1.075
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0718 |
| Previous Daily Low | 1.0675 |
| Previous Weekly High | 1.0769 |
| Previous Weekly Low | 1.0632 |
| Previous Monthly High | 1.1065 |
| Previous Monthly Low | 1.0766 |
| Daily Fibonacci 38.2% | 1.0691 |
| Daily Fibonacci 61.8% | 1.0702 |
| Daily Pivot Point S1 | 1.0664 |
| Daily Pivot Point S2 | 1.0648 |
| Daily Pivot Point S3 | 1.0621 |
| Daily Pivot Point R1 | 1.0707 |
| Daily Pivot Point R2 | 1.0734 |
| Daily Pivot Point R3 | 1.0750 |
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
