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Jul 29 - 05:55 PM

EUR/USD - COMMENT-The Fed's Virus Concerns Give EUR/USD Bulls Little To Fear

By Christopher Romano  —  Jul 29 - 03:45 PM

EUR/USD bulls appeared poised to overcome 1.1815/55 resistance after the euro rose to a 22-month high in the wake of a Fed statement reiterating its pledge to use all its tools to help the economy recover from COVID-19 impacts.

The Fed highlighted the nL2N2F01ZK risks posed by the pandemic to the economic outlook and said the health crisis will weigh heavily on employment, economic activity and inflation nW1N2DS00V.
Federal Reserve Chairman Jerome Powell sounded a gloomy tone in his news conference nW1N2B8001.

Bearish pressure remained on U.S. interest rates as investors embraced lower-for-longer rates.
Ten-year U.S. Treasury US10YT=RR yields held just above the April monthly low while fed funds futures FFQ1 continued to project slightly negative rates in August 2021, diminishing the dollar's allure.

Equity, commodity and emerging market currency gains implied investors were eyeing opportunities outside of the dollar.

EUR/USD bulls appeared set to take on the 1.1815/55 resistance zone where the June and September 2018 monthly highs as well as the 61.8% Fibo retracement of the 1.2556-1.0636 decline reside.
Should they clear that impediment, a test of 1.2080/1.2100 resistance is possible.

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Source:
Refinitiv IFR Research/Market Commentary

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