Dukascopy Bank Team
Dukascopy Bank SA
"It's sensible to wonder whether the dollar's recent slide is a sign that post-election euphoria is fading, but by one measure a decline was overdue before Election Day."
– Nir Kaissar, Bloomberg
-
Pair's Outlook
On Wednesday morning the common European currency traded flat against the US Dollar near the 1.0810 mark, and it was positioned to decline to the 1.0780 level. At the 1.0780 level was located the closest support to the currency exchange rate, as there the weekly PP was located at. Previously, during Tuesday's session, the pair failed to break the resistance put up by the 200-day SMA near the 1.0875 level. As a result the decline of the pair began, as it passed the weekly R1 and 38.20% Fibo, respectively, at 1.0841 and 1.0826. These levels of significance have begun to provide resistance on Wednesday. -
Traders' sentiment
Traders have not changed their opinion, as 63% of open positions remain short. Meanwhile, 51% of set up orders are to sell the Euro.
Interested in EURUSD technicals? Check out the key levels
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD meets support around 1.0650
EUR/USD managed to surpass the key 1.0700 barrier in response to the intense retracement in the US Dollar in the wake of the Fed’s interest rate decision and Chair Powell’s press conference.
Gold surpasses $2,300 as Dollar tumbles
The precious metal maintains its constructive stance and trespasses the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
Bitcoin price reclaims $59K as Fed leaves rates unchanged
The market was at the edge of its seat on Wednesday to see whether the US Federal Reserve (Fed) would cut interest rates during the Federal Open Market Committee (FOMC) meeting.
The market welcomes the Fed's statement
The market has welcomed the Fed statement, and the S&P 500 is higher in its aftermath, the dollar is lower and Treasury yields are falling. There is still only one cut priced in by the Fed.