The EUR/USD it has risen more than 20 pips after the announcement of monetary policy by the Federal Reserve, which has not changed its rates. The pair has returned above 1.1800, advancing towards 1.1830. At time of writing, the euro is trading against the dollar above 1.1828, 0.96% above its opening price.
The Federal Reserve’s Monetary Policy Committee has decided to keep interest rates unchanged at 0.25% at its November meeting, as expected. The entity has re-committed to using its full range of tools to support the US economy at this challenging time, thereby promoting its maximum employment and price stability goals.
The FOMC expects it to be appropriate to maintain this target rate range until labor market conditions have reached levels consistent with the assessments of the maximum employment and inflation has risen to 2% and is on track to moderately exceed 2 percent for some time.
Operators now await the appearance of Jerome Powell, Chairman of the Fed, as it could cause movements in the dollar.
EUR / USD levels
EUR / USD is trading on a clearly bullish bias. The immediate resistance awaits at 1.1880, ceiling of last October 21. In case of exceeding this level, a test of 1.1900 would be expected.
In the opposite direction, the 1.1765 area is the first consideration support and also the 20-day moving average. A drop below this would ratify the current medium-term lateral bias.
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Credits: Forex Street
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