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19 Mar 2015
EUR/USD lost all post-Fed gains and trades at daily highs
FXStreet (Tokyo) - The Euro is extending its decline against the US dollar and after falling 85 pips from 1.0700 in the American morning, EUR/USD is now trading at fresh daily lows at 1.0615.
The EUR/USD rallied more than 400 pips from 1.0615 to 1.1040 after the Federal Reserve policy monetary decision yesterday; however, the USD recovered its mojo and currently, EUR/USD is trading at 1.0623, down 2.21% on the day, having posted a daily high at 1.0920 and low at 1.0615.
EUR/USD forecast
In an interview in the Live Analysis Room, FXStreet chief analyst Valeria Bednarik affirmed that the "EUR/USD will resume its bearish trend with a decline below 1.0650;" then, "the 1.0550 is viable."
In the same line, Lee Hardman, Currency Analyst at BTMU, suggested the upside trend in the greenback remains unchanged. "Initial exaggerated US dollar weakness overnight is likely to prove short-lived". Harman affirms that BTMU continues "to believe that the stronger US dollar trend will remain place after yesterday’s FOMC meeting".
Euro to dollar exchange rate levels
If the pair manages to extend declines, it will find supports at 1.0600, 1.0580 and 100550. To the upside, resistances are at 1.0660, 1.0700 and 1.0760.
The EUR/USD rallied more than 400 pips from 1.0615 to 1.1040 after the Federal Reserve policy monetary decision yesterday; however, the USD recovered its mojo and currently, EUR/USD is trading at 1.0623, down 2.21% on the day, having posted a daily high at 1.0920 and low at 1.0615.
EUR/USD forecast
In an interview in the Live Analysis Room, FXStreet chief analyst Valeria Bednarik affirmed that the "EUR/USD will resume its bearish trend with a decline below 1.0650;" then, "the 1.0550 is viable."
In the same line, Lee Hardman, Currency Analyst at BTMU, suggested the upside trend in the greenback remains unchanged. "Initial exaggerated US dollar weakness overnight is likely to prove short-lived". Harman affirms that BTMU continues "to believe that the stronger US dollar trend will remain place after yesterday’s FOMC meeting".
Euro to dollar exchange rate levels
If the pair manages to extend declines, it will find supports at 1.0600, 1.0580 and 100550. To the upside, resistances are at 1.0660, 1.0700 and 1.0760.