Top Global Market Stories
The dollar strengthened against all of its major rivals today after the Fed announced interest rates would remain unchanged and bond purchases would remain steady, adding the downside risk for the U.S. economy has diminished since the autumn. In the official FOMC Economic Projections and Monetary Policy Statement for June, the Fed also revised its economic forecasts [...]
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The FOMC could make like harder for EURUSD above 1.34 The EUR has been one of the top three performers versus the dollar in the G10 over the last month. It has traded in an uptrend ever since Fed chairman Ben Bernanke announced that the Fed could taper asset purchases during his testimony to Congress [...]
By Ilya Spivak
Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair has now completed a bullish Morning Star formation above support at 93.88, the 76.4%Fibonacci retracement, hinting at gains ahead. Initial resistance is at 95.76, the 61.8% level, with a break back above that eyeing trend line support-turned-resistance at 96.26.Alternatively, a reversal beneath support exposes swing lows at 92.56 and 90.84.