EURUSD SHARPLY HIGHER AFTER FOMC MINUTES

The EURUSD pair has moved towards the 1.1790 level, after the FOMC minutes revealed growing concerns amongst the Federal Reserve, about persistently weak inflation in the United States economy.

Later today we see the release of the ECB meeting minutes, which may further impact the EURUSD pair. Traders will look to comments from the governing council on inflation, the reduction of QE, and the rising value of the single currency.

The EURUSD remains bullish on all time-frames, however the pair is currently struggling to move above the key 200-week moving average, found at 1.1783.

Key technical resistance above the 1.1783 level is found at key Fibonacci levels 1.1792 and 1.1820. The currently weekly price high for the euro is found at 1.1847.

To the downside, support is found at the 200-hour moving average, at 1.1767. Below the 200-hour MA, the daily pivot point is found at the 1.1737 level. The 1.1713 level remains critical intraday support for the euro.