29 Apr 2015
EUR/USD testing 1.1100 on FOMC
FXStreet (Edinburgh) - The single currency is surrendering part of today’s strong gains vs. the greenback, now taking EUR/USD to the low-1.1100s.
EUR/USD a tad softer post-FOMC
The pair deflates from session peaks in the 1.1180 area following the unchanged stance from the FOMC in today’s meeting. The Committee argued that the economy slowed its pace in recent months due to ‘transitory factors’, although job creation continued at a moderate pace and the jobless rate remained steady. Members also stated that consumer prices remain below the 2% target, partly in response to lower energy prices, albeit they expect the CPI to gather traction in the medium term.
The Fed sees the economy returning to a moderate pace of growth following the slowdown during the first quarter, although it gave no signals regarding the timing of a rate hike.
EUR/USD key levels
At the moment the pair is up 1.10% at 1.1103 with the next resistance at 1.1189 (high Apr.29) ahead of 1.1200 (psychological level) and finally 1.1218 (high Mar.3). On the downside, a breach of 1.0959 (low Apr.29) would open the door to 1.0928 (55-d MA) and then 1.0860 (low Apr.28).
EUR/USD a tad softer post-FOMC
The pair deflates from session peaks in the 1.1180 area following the unchanged stance from the FOMC in today’s meeting. The Committee argued that the economy slowed its pace in recent months due to ‘transitory factors’, although job creation continued at a moderate pace and the jobless rate remained steady. Members also stated that consumer prices remain below the 2% target, partly in response to lower energy prices, albeit they expect the CPI to gather traction in the medium term.
The Fed sees the economy returning to a moderate pace of growth following the slowdown during the first quarter, although it gave no signals regarding the timing of a rate hike.
EUR/USD key levels
At the moment the pair is up 1.10% at 1.1103 with the next resistance at 1.1189 (high Apr.29) ahead of 1.1200 (psychological level) and finally 1.1218 (high Mar.3). On the downside, a breach of 1.0959 (low Apr.29) would open the door to 1.0928 (55-d MA) and then 1.0860 (low Apr.28).