EUR/USD continues in sleep mode after FOMC minutes

  • US Dollar unchanged after the release of the Fed’s minutes. 
  • EUR/USD heads for the fourth consecutive daily close around 1.1160. 

The EUR/USD pair continued to trade around 1.1155, flat for the day after the release of the FOCM minutes. The greenback remains steady, posting mix results for the day. 

The minutes from the latest FOMC meeting showed that the central bank is comfortable with the pause on the interest rate hike cycle. According to the document, many officials said they expected the dip in inflation to be temporary and several were worried by the risk of low inflation expectations. Most of them said that downside risks to growth remain. 

Analysts saw no surprises from the minutes and the impact on the markets was muted. The EUR/USD pair continues to trade around 1.1155/60, without being able to move away from that area. The trend still points to the downside but the US dollar is not strong enough to test key support levels. 

EUR/USD Technical levels 

In the very short-term (30-minute chart) the pair appears to be on a symmetric triangle pattern with limits at 1.1175 and 1.1150 at the moment. The breakout could trigger some volatility if it happens over the next hours. 

Overall, the pair continues to trade in a small range. To the upside, the immediate resistance is seen at 1.1170 and if it holds on top if could rise toward the 1.1200 area. On the downside, 1.1140 seems like the first support. A slide below 1.1130 would set the attention on the year-to-day low at 1.1110.

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