EUR/USD offered hard on less dovish Fed, but corrections now at play

Ross J Burland FXStreet

EUR/USD was offered on the back of the Fed leaving interest rates on hold but coming over with a less dovish statement.

EUR/USD was bid into the outcome, starting the day down at 1.0980, but dropping hard to 1.0960 from 1.0999. The statement explained that the near term risks to the economic outlook have diminished and that the economy is expanding at a moderate pace, labor utilization has increased, strong job gains in June, all of which point markets to September as being a live meeting on a continuation of improvements in the economy.

EUR/USD levels

EUR/USD is stalling just ahead of the 1.0939 4 month support line. This less dovish statement this month leaves the market open towards 1.0821 and the March low with a target of the 31 year support line at 1.0642. On the upside, should there be a correction as the day progresses ahead of the BoJ tomorrow and GDP Friday, rallies could struggle circa 1.1025/50 at 26th July highs.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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