EUR/USD rises to fresh daily highs after FOMC minutes

Matías Salord FXStreet

EUR/USD moved to the upside after the release of the FOMC minutes from the latest meeting, when the US central bank unanimously voted to leave rates unchanged, as expected.

The pair rose above previous highs and climbed to 1.0570, from 1.0530. Momentum continues to favor the upside, as the US dollar retreats across the board. US bond yields moved to the downside and equity prices remained near daily highs.

According to the minutes, many FOMC official saw rate hikes fairly soon if the economy remains on track. Also the minutes showed that the FOMC will start a debate on the balance sheet at the upcoming meetings.

Technical levels

To the upside, resistance levels might be located at 1.0565 (daily high), 1.0600 (Feb 20 low / psychological) and 1.0620 (downtrend line from Feb high). On the flip side, support could be seen at 1.0520 (Feb 15 low), 1.0490 ( daily low) and 1.0450 (Jan 11 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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