OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD rises to fresh 12-week highs after FOMC minutes

  • US dollar extends losses after FOMC minutes. 
  • EUR/USD firmer, heads for the highest close since mid-October.

The EUR/USD pair printed a fresh 12-week high after the release of the FOMC minutes of the December meeting. The greenback weakened further across the board, and the euro climbed to 1.1557, hitting the strongest level since October 17. 

Afterward, the pair pulled back modestly to 1.1530/40 but it was still holding a robust bullish tone and poised for a daily close above the key 1.1500 area validating the breakout of a consolidation range that prevailed for many weeks. 

The greenback was falling sharply on Wednesday on the back of “dovish” comments from Fed’s officials. The minutes added to those comments as it showed that many policymakers considered the Fed could afford to be patient about more tightening given muted inflation pressures. According to the minutes, most officials saw appropriate to hike interest rates at the meeting and a few favored no change. 

The minutes pushed the US dollar to fresh lows but at a moderate pace. The greenback is having the worst day in weeks and EUR/USD heads for the highest close since October 16 and points to more gains. 

EUR/USD

Overview:
    Today Last Price: 1.1537
    Today Daily change: 97 pips
    Today Daily change %: 0.848%
    Today Daily Open: 1.144
Trends:
    Previous Daily SMA20: 1.1399
    Previous Daily SMA50: 1.1376
    Previous Daily SMA100: 1.1479
    Previous Daily SMA200: 1.1639
Levels:
    Previous Daily High: 1.1486
    Previous Daily Low: 1.1422
    Previous Weekly High: 1.1586
    Previous Weekly Low: 1.1309
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Previous Daily Fibonacci 38.2%: 1.1446
    Previous Daily Fibonacci 61.8%: 1.1461
    Previous Daily Pivot Point S1: 1.1413
    Previous Daily Pivot Point S2: 1.1386
    Previous Daily Pivot Point S3: 1.135
    Previous Daily Pivot Point R1: 1.1477
    Previous Daily Pivot Point R2: 1.1513
    Previous Daily Pivot Point R3: 1.154

 

FOMC minutes: Participants expressed view that Fed could afford to be patient about further policy firming

The minutes from the Federal Reserve’s December 18-19 monetary policy meeting have been published with key highlights found below. With regard to t
Read more Previous

AUD/USD better bid post FOMC, but needs to get over the line ...

AUD/USD is creeping higher within the short term bull channel and is testing the vicinity of R1 following the FOMC minutes. the FOMC December meeting
Read more Next
Start livechat