EUR/USD Does Not Fall Below $1.0800, A 'Bullish' Sign?
The US dollar did not show any significant price movement when the FOMC meeting minutes report was published early this morning.There were no significant changes to the details of the minutes examined as presented at the day-long meeting.Federal Reserve (Fed) Chairman Jerome Powell does not see interest rate cuts to be implemented in March.The US dollar did not show any significant strengthening when the report was published, but started to show a gloomy movement heading into the session's closing trade.If you look at the chart of the EUR/USD currency pair, the price that soared last Tuesday almost reached the height of 1.08400 and moved horizontally again at the level of 1.08000 on Wednesday yesterday.The zone becomes a support for the price after the price is seen unable to go lower beyond it.The price also moved above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart, signaling a bullish move.The slow increase in prices at the end of the New York session and continued in the Asian session this morning was seen to test the price highs of last Tuesday.The price has the potential to extend the rise higher to record the latest high of the week with the target of heading towards the 1.09000 zone.On the other hand, the price that falls below the 1.08000 zone will invite a warning for investors to be alert for the risk of price falling again.The decline in price will aim to reach the support level again at 1.07000.
The US dollar did not show any significant price movement when the FOMC meeting minutes report was published early this morning.
There were no significant changes to the details of the minutes examined as presented at the day-long meeting.
Federal Reserve (Fed) Chairman Jerome Powell does not see interest rate cuts to be implemented in March.
The US dollar did not show any significant strengthening when the report was published, but started to show a gloomy movement heading into the session's closing trade.
If you look at the chart of the EUR/USD currency pair, the price that soared last Tuesday almost reached the height of 1.08400 and moved horizontally again at the level of 1.08000 on Wednesday yesterday.
The zone becomes a support for the price after the price is seen unable to go lower beyond it.
The price also moved above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart, signaling a bullish move.
The slow increase in prices at the end of the New York session and continued in the Asian session this morning was seen to test the price highs of last Tuesday.
The price has the potential to extend the rise higher to record the latest high of the week with the target of heading towards the 1.09000 zone.
On the other hand, the price that falls below the 1.08000 zone will invite a warning for investors to be alert for the risk of price falling again.
The decline in price will aim to reach the support level again at 1.07000.
