EUR / USD recovers and rises to two-week highs on Powell’s remarks

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  • The US dollar turns and falls across the board during Powell’s press conference.
  • EUR / USD jumps from a new daily low to two-week highs.

The EUR/USD jumped from 1.1771 to 1.1843, reaching its highest level since July 15. For now, the euro is facing resistance around the 1.1840 / 45 zone as market participants digest the FOMC meeting and Powell’s press conference.

The bias in the EUR / USD points to the upside. Above 1.1850 the rise could gain momentum. On the other hand, 1.1770 is the key short-term support and if it breaks it would expose the July low at 1.1750.

Powell notes that the asset purchase program was discussed

Jerome Powell, Chairman of the Federal Reserve, was responsible for the dollar collapsing and his rivals taking control of the situation. The president said that the central bank would give notice before reducing the asset purchase program, and that it was debated how this program could be changed. “The tapering time will depend on the incoming data,” he continued.

The euro, despite the rally against the dollar, has fallen against the Swiss franc and the EUR / CHF is trading at its lowest since January below 1.0800.

Technical levels

EUR/USD

Overview
Today last price 1.1828
Today’s Daily Change 0.0011
Today daily change% 0.09
Today they open every day 1.1817
Trends
Daily SMA20 1.182
SMA50 daily 1.1987
SMA100 daily 1.1975
SMA200 daily 1.2008
Levels
Previous Daily High 1.1841
Previous Daily Low 1.177
Previous weekly high 1.183
Previous Weekly Low 1.1752
Previous monthly maximum 1.2254
Previous Monthly Low 1.1845
Daily Fibonacci 38.2% 1.1814
Daily Fibonacci 61.8% 1.1797
Daily Pivot Point S1 1.1778
S2 daily pivot point 1.1738
S3 Daily Pivot Point 1.1707
R1 daily pivot point 1.1849
Daily pivot point R2 1.1881
R3 daily pivot point 1.192

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