EUR/USD undecided after FOMC statement, remains around 1.2260/80

EUR/USD moves sideways around 1.2250/70 after rate decision.
FOMC raises rates by 25bp after Fed meeting.
Coming up: Fed Chairman Jerome Powell's press conference.

Matías Salord FXStreet

The EUR/USD pair rose immediately to 1.2310 after the release of the FOMC statement but then reversed quickly and dropped to 1.2250, level located above the daily lows. The pair is hovering around the same price it had before the statement.

The US Dollar gained momentum across the board but it did not last much. Gains were supported by rate hike projection from FOMC members. They see two more rate hikes during 2018 and a steeper path for 2019 and 2020. Now attention turns to Powell speech.

EUR/USD levels to watch

Immediate resistance is seen at 1.2330, followed by 1.2355/60 (Mar 19 high), 1.2410 (last week high) and 1.2460/80 (long-term downtrend). On the downside, support levels could be located at 1.2255, 1.2240 (weekly low) and 1.2200/05.

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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