Technical Analysis for EURUSD (Daily)
Currency trading was limited ahead of the FOMC policy results, the committee reiterated that it will probably raise rates at a gradual pace.
The US Fed’s statement failed to clearly indicate an upcoming rate hike, and chances have diminished for a move during the June meeting. After investors digested the news, the USD is modestly lower across the board, with all eyes now on the Bank of Japan’ (BOJ)decision, to be announced some time during Thursday’s Asian session.
The EURUSD pair traded between 1.1271 and 1.1360 right after the event, settling above 1.1315, the 23.6% Fibo retracement of the March/April Bullish run, and presents a mild positive tone in the 4 hours, as the low converges with the 20-Day SMA, the technical indicators head modestly North within Bullish territory.
Overall, the Northside remains in favor, yet the pair needs to advance beyond the immediate resistance formed by the 1.1380/90 region to be able to continue rallying towards 1.1460.
The Bulls will maintain the charge as long as the price holds above 1.1270.
Support marks:1.1270 1.1230 1.1200
Resistance marks: 1.1385 1.1420 1.1460
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