After a two day meeting the FOMC finally announce its widely
expected decision to hike the benchmark interest rate by 25 basis points to the
target range of 1.25% - 1.50%. Following this the greenback lost its momentum
and the EUR/USD pair was seen uplifted to currently trade at 1.1790 and seems
that is climbing towards 1.1800.
On the four hour time frame the price has crossed to above its
20-day SMA, which is starting to turn north, while the 100-day and the 200-day
SMAs are still staying flat and are proving good resistance and support levels,
respectively at 1.1830 and 1.1750. RSI and stochastic had turned sharply to
overbought areas and are displaying strong bullish momentum.
However first hurdle to the upside is seen at 1.1815 and in case
euro bulls fight it, doors will be opened for testing the 1.1835.
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