EURO BULLS HAVE THE UPPERHAND ABOVE 1.2305
The euro has moved higher against the greenback, hitting 1.2368 overnight, following the Federal Reserve’s decision to raise U.S interest rates 0.25 basis, to 1.75 percent. The EURUSD pair moved above the 1.2300 handle, as the FED’s medium rate forecast for 2018 mentioned only three rate hikes, whilst the FED statement revealed inflation expectation remained tempered. Euro traders now look for further upside this morning as the U.S dollar comes under pressure, with the 1.2382 level the key upside resistance level to watch.
The EURUSD pair retains a bullish intraday bias whilst trading above the 1.2305 level, key resistance is currently found at the 1.2382 and 1.2430 levels.
If the EURUSD pair trades below the 1.2305 support level, further losses towards the 1.2278 and 1.2238 levels remain possible.