Euro extended gains as dollar retreated ahead of FOMC minutes

Euro extended gains as dollar retreated ahead of FOMC minutes
Euro extended gains as dollar retreated ahead of FOMC minutes | Editor Nikhilesh Pawar

Published November 21, 2023 22:07

The euro continued its climb today, marking the fourth straight session of gains against the retreating US dollar, as market participants looked to the Federal Open Market Committee (FOMC) for more information on future policy rates. Minutes are waiting to be released. In early European trading hours today, the EUR/USD pair traded above key Exponential Moving Averages (EMAs), indicating a bullish trend, despite indications from the Relative Strength Index (RSI) that the currency may be overbought. hai aur can face consolidation in the near term.

With an immediate focus on the Bollinger Band top at 1.0978, investors are closely monitoring key resistance levels. A move beyond this point could challenge the key psychological mark and reach the August 11 high of 1.1000. If this resistance is breached, it could open a path towards the early August highs and possibly reach the July peak of 1.1149.

On the downside, support levels are also emerging around the psychological boundary between 1.0895 and 1.0900 in November. This support is bolstered by the Bollinger Band lower limit at 1.0817, the main EMA at 1.0759 and the November 16 high rising to 1.0725.

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Market watchers are braced for any signal from the FOMC minutes, which could signal a future move in interest rates, which has been a key driver of currency valuations in recent months. Anticipation of these minutes has contributed to the decline in Treasury yields and played a role in weakening the dollar, providing additional lift to the euro in today’s session.

This article was prepared and translated with support from AI and reviewed by an editor. See our Terms and Conditions for more details.

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The article is in Marathi

Tags: Euro extended gains dollar retreated ahead FOMC minutes


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