The EURUSD climbed steadily to the 1.009 price level before dropping sharply due to the comments from the Federal Reserve during the Jackson Hole symposium. However, the move lower was not sustained as the price bounced from the 0.99 support area to trade back into the parity price level.
ECB member Kazaks commented that the ECB should hike rates by at least 50bps in September and that the exchange rate of the Euro is a problem. ECB member Rehn also stated that the “FX rate will be a major consideration in the ECB’s decision”.
This has caused the EURUSD to resist further downside moves as price holds above the parity level. If the EURUSD continues to climb, the immediate resistance level is at 1.009 with the next key resistance level at 1.020, which also coincides with the 61.8% fib level
ECB member Kazaks commented that the ECB should hike rates by at least 50bps in September and that the exchange rate of the Euro is a problem. ECB member Rehn also stated that the “FX rate will be a major consideration in the ECB’s decision”.
This has caused the EURUSD to resist further downside moves as price holds above the parity level. If the EURUSD continues to climb, the immediate resistance level is at 1.009 with the next key resistance level at 1.020, which also coincides with the 61.8% fib level
