EUR/USD: Pair gains on US dollar weakness following Fed’s 0.25% rate cut
Technical overview continues to show more positive bias in the short-term following three days of consecutive gains.
EUR/USD Technical analysis, overview, strategies, and levels
Expectations were high heading into yesterday's US Federal Reserve (Fed) event, where markets prior were nearly fully pricing in a 0.25% rate cut. The result was in line with expectations, though Fed Chairman Powell signaled another rate cut won’t happen anytime soon. Other important US data included preliminary Gross Domestic Product (GDP) figures that grew at 1.9% for Q3, and Automatic Data Processing's Non-Farm estimate showing an increase of 125K ahead of this Friday's Non-Farm Payroll (NFP) report expected to show a smaller 90K increase. As for Eurozone data, preliminary Consumer Price Index (CPI) figures and employment data will be released later today, expected to show a dip in the former.
| Current Technical Overview | Consolidation - Positive Bias |
| Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support At/Before Price |
| Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
| S/L for 2nd Resistance | 1.1250 |
| 2nd Resistance | 1.1230 |
| S/L for 1st Resistance | 1.1211 |
| 1st Resistance | 1.1191 |
| Relative Starting Point | 1.1152 |
| 1st Support | 1.1113 |
| S/L for 1st Support | 1.1093 |
| 2nd Support | 1.1074 |
| S/L for 2nd Support | 1.1054 |
IG client and CoT sentiment for EUR/USD
EUR/USD Chart with retail and institutional sentiment
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