- Silicon Valley Bank (based on Bloomberg)
EUR/USD registered a mild decline on Wednesday, just after the Fed announced a decision to raise the key interest rate. Thursday trading, however, proves to be much more active from the side of the Dollar's bulls. The pair is expected to test the weekly S1 and 20-day at 1.0845, which is the first major support for today. Another demand is created by 1.0808, namely the July low. Success here should imply an additional sell-off down to the 1.0724 mark (monthly ). Meantime, trading stays within historical norms, meaning market is unlikely to be high.
The bulls have gained only one percentage point from 45% to 46% since Wednesday. pending orders dipped considerably in the past 24 hours, down from 40% to 29%.