EUR/USD rebounding into 1.0580 for the day after Fed leaves rates unchanged

The EUR/USD is back into the day's highs after the Fed left policy rates untouched.
The Euro is seeing a rebound as the USD takes a step back following steady Fed showing.
Market risk appetite is tentatively back on the rise after Fed's Powell holds for second month in a row.

Joshua Gibson FXStreet

The EUR/USD is recovering into Wednesday's peaks after a steady Federal Reserve (Fed) rate call pushes the US Dollar (USD) back down to the day's low bids.

The Fed held rates steady at 5.25-5.5% as markets broadly expected, and few changes were made to the Fed's rate statement compared to the previous month.

Fed Statement comparison: November vs September

Markets blinked after investors were expecting a much more hawkish showing from Fed Chairman Jerome Powell, with Chairman Powell noting that high rates and corresponding yield increases are weighing down on economic growth and inflation, though the Fed didn't entirely close the door on future rate hikes in price growth threatens to spiral out of control.

Jerome Powell explains decision to leave interest rate unchanged

With the Fed's showing out of the way, markets are free to focus on Friday's upcoming US Non-Farm Payrolls (NFP) for October.

Markets are expecting NFP job gains to cool slightly, with October's NFP forecast to print at 180K compared to September's showing of 336K.

EUR/USD Technical Outlook

The Euro opened on Wednesday near 1.0580, dropping into a low 1.0517 against the US Dollar heading into the Fed rate call.

The markets have reacted risk-on following the Fed showing, and the EUR/USD is trading back into the day's opening bids.

Intraday chart action is getting hampered by the 50- and 200-hour Simple Moving Averages (SMA) cycling in the midrange as momentum drains out of the pair in the medium term.

On the daily candlesticks, upside momentum continues to get hampered by the 50-day SMA, with bids continuing to cycle tightly with the 21-day Exponential Moving Average (EMA).

EUR/USD Hourly Chart

EUR/USD Daily Chart

EUR/USD Technical Levels

EUR/USD

Overview
Today last price	1.057
Today Daily Change	-0.0006
Today Daily Change %	-0.06
Today daily open	1.0576

Trends
Daily SMA20	1.0573
Daily SMA50	1.0649
Daily SMA100	1.0815
Daily SMA200	1.0811

Levels
Previous Daily High	1.0675
Previous Daily Low	1.0558
Previous Weekly High	1.0695
Previous Weekly Low	1.0522
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0602
Daily Fibonacci 61.8%	1.063
Daily Pivot Point S1	1.053
Daily Pivot Point S2	1.0486
Daily Pivot Point S3	1.0413
Daily Pivot Point R1	1.0648
Daily Pivot Point R2	1.072
Daily Pivot Point R3	1.0765

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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