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30 Oct 2019

EUR/USD technical analysis: Euro challenging daily lows ahead of Fed’s press conference

  • The Euro is trading at daily lows as the Fed cut interest rates as expected.
  • The Fed’s press conference is crucial as it will give clues as to whether new rate cuts are coming or not. 
 

EUR/USD daily chart

 
On the daily chart, the Euro is trading in a bear trend below its 100 and 200-day simple moving averages (DMAs). The Fed cut interest rates by 25 bps as widely expected. The market is now going to focus on the press conference to find out if further rate cuts are on the horizon. 
 

EUR/USD four-hour chart

 
The Fiber, on the four-hour chart, is trading above the 100 and 200 SMAs. The market is trading off daily highs below the 1.1113/20 resistance zone and the 50 SMA. The level to beat for buyers would be the 1.1133 resistance. A break above it can lead the spot to 1.1150, 1.1165 and 1.1191, according to the Technical Confluences Indicator. However, this scenario would likely be in play this Wednesday if Fed’s Chair Powell proved to be dovish in the press conference. 
 
 

EUR/USD 30-minute chart

 
The EUR/USD is trading between the 500 and 200 SMAs on the 30-minute chart, suggesting a sideways bias in the near term. Support is seen at the 1.1088, 1.1070 and 1.1040 price levels. 
 
 

Additional key levels

 

Oct 30, 2019

EUR/USD drops toward 1.1100 as Fed cuts again but signals pause ahead

The EUR/USD dropped from 1.1135 to 1.1101 immediately after the Federal Reserve announced it cut rates by 25bps. The pair then bounced back to the lev
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Oct 30, 2019

USD/JPY spikes to 109 after FOMC cuts policy rate

The USD/JPY pair spiked to 109 after the Federal Open Market Committee (FOMC) announced that it lowered the policy rate by 25 basis points to 1.5%-1.7
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