Finally it became clear that the Federal Open Market
Committee is raising the benchmark interest rate by 25bp to range of 0.50% to
0.75%. Furthermore the central bank is going to extend the dot-plot to three
rate hikes in the upcoming year.
The EUR/USD pair was failed to hold above 1.0600 mark ahead of the conference.
After the press release the pair tumbled to 1.0530 and marked an inraday low even
lower at 1.0495.
As seen on the H4 chart the price has moved well below the moving averages. RSI
has turned sharply to south and is currently close to 30 level. Stochastic is
currently placed within mid-lines but displaying strong bearish momentum.
First support is seen at 1.0500 and
lower at 1.0450. Resistance now is located at 1.0560 and higher at 1.0600.
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