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- EUR/USD jumps toward 1.1100 as the Fed raises rates as expected
EUR/USD jumps toward 1.1100 as the Fed raises rates as expected
- Federal Reserve raises rates as expected by 25bps to 5.00%-5.25%.
- US Dollar tumbles across the board, US yields hits fresh lows.
- EUR/USD soars above 1.1050, tests multi-month highs.
The EUR/USD pair jumped from 1.1045 to 1.1091, reaching a one-week high after the Federal Reserve announced, as expected, a 25 basis points rate hike, and suggested a potential pause.
Fed delivers as expected
The US central bank raised rates with a dovish twist, which weighed on the US Dollar. As a result, the DXY dropped to 101.08, hitting a fresh weekly low, while at the same time, US 2-year yields fell below 3.90%. At 18:30 GMT, Chair Powell will deliver a press conference.
The EUR/USD pair rose towards the key area of 1.1100 and then pulled back modestly, holding above the 1.1050 area with a bullish impulse. A break above 1.1100 could trigger an acceleration and open the doors to the highest level since March 2022.
On the contrary, a retreat below 1.1050 should keep the pair in the recent range. Below the key support, the next level of support is seen at 1.0950, with a slide below exposing 1.0900/10.
Technical levels
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