Current trend
The pair continues growing amid weakening in the US Dollar, which was slightly pressured by yesterday’s Fed Interest Rate Decision.
As was expected, the rate remained unchanged. The statement, however, did not contain any hints on its possible increase at the July meeting. At the same time, employment in the US keeps growing that will later accelerate wages and inflation growth. In addition, strengthening oil prices will increase inflationary pressures as well. Therefore, the possibility of the next interest rate hike in the nearest term is quite high.
Support and resistance
The pair continues trading in the ascending channel.
The nearest support level is at 1.1295.
The nearest resistance level is at 1.1342.
Trading tips
Long positions can be opened from the level of 1.1342 with the target at 1.1386 and stop-loss at 1.1325.
The pair continues growing amid weakening in the US Dollar, which was slightly pressured by yesterday’s Fed Interest Rate Decision.
As was expected, the rate remained unchanged. The statement, however, did not contain any hints on its possible increase at the July meeting. At the same time, employment in the US keeps growing that will later accelerate wages and inflation growth. In addition, strengthening oil prices will increase inflationary pressures as well. Therefore, the possibility of the next interest rate hike in the nearest term is quite high.
Support and resistance
The pair continues trading in the ascending channel.
The nearest support level is at 1.1295.
The nearest resistance level is at 1.1342.
Trading tips
Long positions can be opened from the level of 1.1342 with the target at 1.1386 and stop-loss at 1.1325.