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Apr 28 - 09:55 PM

EUR/USD - COMMENT-EUR/USD Poised To Rise After Fed Comments, Key Break

By John Noonan  —  Apr 28 - 07:39 PM

The EUR/USD uptrend is poised to accelerate after Federal Reserve Chair Jerome Powell reassured markets on Wednesday that the Fed is not yet contemplating tapering its extraordinarily accommodative policy despite improving U.S. economic data nL1N2MK0XO.

Nervous EUR/USD longs had pared back before the Fed decision and pushed the price just below Tuesday's 1.2058 low.
The strong rally after Powell's comments sent EUR/USD to 1.2125 at the close, resulting in a 'bullish outside day'.
More importantly, EUR/USD closed above a trend-line that is drawn from the Jan 6 high at 1.2349 and came in at 1.2114.

The next level of resistance is 1.2196, the 76.4 Fibonacci retracement of this year's 1.2349-1.1704 decline, followed by the Feb 25 high at 1.2243.

The likely target for the current trend is a full retracement to the year's 1.2349 high.
Only a close below the ascending 10-day moving average (1.2063 on Thursday) would suggest that upward momentum is waning.

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Source:
Refinitiv IFR Research/Market Commentary

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