EUR / USD retraces from two-week highs below 1.1900 before the FOMC Minutes

• The euro cuts gains against the US dollar, remains strong against the British pound.
• The FOMC Minutes will be published at 18:00 GMT.

The EUR/USD It rose earlier to 1.1915, the highest level in two weeks, but failed to stay above 1.1900 and fell back to 1.1880. Market participants await the publication of the Minutes of the last meeting of the Federal Reserve.

Mixed dollar before the FOMC

The US dollar is posting mixed results on Wednesday. Lower US yields weighed on the dollar, with the 10-year yield at 1,623%, the lowest level since March 26. The DXY is trading sideways around 92.30. The rally in EUR / USD is offset by falling GBP / USD and gains in the dollar against the NZD, CAD and AUD.

At 18:00 GMT, the Federal Reserve will release the minutes of its last meeting. “The FOMC Minutes will be tracked for clues as to the logic, timing and size of any change in Treasury intervention. Any notice that the conditions for a reduction in bond purchases were discussed will be taken as an indication that the time is approaching with a commensurate market impact, “he said. Joseph Trevisani, senior analyst at FXStreet.

So far, the euro is among the best performers, with the EUR / GBP rising sharply and hitting weekly highs above 0.8650. The one that earns the most is the Swiss franc in Europe.

From a technical perspective, the EUR / USD pair remains biased to the upside, but the failure to hold above 1.1900 softened the positive tone. A break below 1.1875 should favor an extension of the move to the downside. The next support is at 1.1835 and 1.1800. If the pair rises above 1.1900 again, the next level to watch is resistance at 1.1930.

Technical levels