After 24 hours our hawkish Fed speakers, which seemed to be setting up Powell for the easy lay-up, Powell took a 180 degree turn and continued to talk about needing to reach maximum employment and and how inflation is transitory. Markets were “disappointed” and ran to buy stocks and sell the US Dollar.
Source: Tradingview, StoneX
With a weaker US Dollar, EUR/USD took off. Levels to watch:
- Horizonal resistance at 1.1850
- 200 Day Moving Average, horizontal resistance previous highs, and 61.8% Fibonacci retracement level from the May 25th highs to the august lows at 1.1990/1.2035
- Above there is a downward sloping trendline near 1.2250, as well as previous highs at 1.2265
If markets reverse and move lower, was the August lows near 1.1666
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