EUR/USD rallies toward 1.0400 as the Fed prepares to slow the pace of rates – by christianborjon EURUSD Majors InterestRate Fed Technical Analysis
agreed to slow the pace of rate hikes at the Federal Reserve’s November meeting. At the time of writing, the EUR/USD is volatile, trading at around 1.0396, testing the 200-day Exponential Moving Average at 1.0396.As mentioned above, Fed officials agreed to slow the rate hikes spurred US Dollar weakness, as the EUR/USD advanced towards its daily high of 1.0400.
Regarding inflation, Fed policymakers agreed that there were few signs of easing inflationary pressures, though they emphasized that inflation risks were skewed to the upside. Officials expressed a high level of uncertainty about the peak of the FFR. However, several predicted interest rates would peak at a higher level, as the Federal Reserve ChairmanIn the meantime, money market interest-rate futures odds for a 50 bps hike increased to 79% in the December meeting after the release of the FOMC minutes.
, a gauge of the greenback’s value against a basket of six currencies, extended its losses to almost 1%, down at 106.161, while US Treasury bond yields retreated.chart , after breaking above the 100 and 200-Exponential Moving Averages . Additionally, on its way north, the EUR/USD cleared the R1, R2 and is testing the R3 daily pivot point at around 1.0400. If the Euro clears the latter, the major could rally towards 1.0500.first resistance would be the November 16 daily high at 1.0438, ahead of the R4 pivot level at 1.0440, followed by the R5 pivot point at 1.0490 ahead of the psychological 1.0500 mark.
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