EUR/USD hits fresh highs after FOMC minutes

Matías Salord FXStreet

EUR/USD moved to the upside after the release of the FOMC minutes. The pair reached a fresh daily high at 1.1763, up less than 25 pips above level it had before Fed’s document.

The pair still holds a bullish tone as the US dollar weakens across the board. EUR/USD was flat for the day before the minutes, hovering around 1.1735, far from the lows, boosted after US President Trump ended the Manufacturing Council & Strategy Policy forum.

The minutes showed no major surprises. “Several” Fed official mentioned that inflation risks could be to the downside however, “most” of them see inflation rising over the next couple of years. Most supported a move regarding the balance sheet soon.

FOMC Minutes: Policymakers agreed a fall in longer-term inflation expectations would be undesirable

Technical levels

To the upside, resistance levels might be ween at 1.1755/60 (daily high), 1.1785 (Aug 19 high) and 1.1815/20. On the flip side, support could be located at 1.1720 (20-hour moving average), 1.1680 (daily low) and 1.1650 (Jul 27 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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