Price Movement Since yesterday, EUR/USD moved up by around 70pips.
Trend Overall, EUR/USD is trending upwards.
Important Issue This morning, the U.S. FOMC kept the target range for interest rate unchanged at 2.25% to 2.5%.
In the FOMC Statement, the Committee finds that inflation nearing 2% is still a likely outcome, although they also mention that “uncertainties about this outlook have increased”.
From the FOMC Economic Projections, the Federal Reserve does not expect any rate cuts in 2019 as the central bank’s median target for the interest rate remains at 2.4% for 2019, unchanged from its March projection. However, the June’s projections projected a lower median target of 2.1% for 2020, hinting at possible rate cut(s) in 2020.
Technical Yesterday, EUR/USD broke the resistance level of 1.12200.
Price Levels Current Price: 1.12657 Next Resistance: 1.13300 Next Support: 1.12200