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After last night FOMC minutes we have seen lot of buying interest on EURUSD, as market participants are somewhat convinced that a rate hike in September is unlikely.
Moreover, today's sell off in global equities market indicates slowdown in overall global demand and the lack of any inflation pressures in US would make the Fed hold off on normalizing policy for now. The FOMC minutes revealed that, “The Committee concluded that, although it had seen further progress, the economic conditions warranting an increase in the target range for the federal funds rate had not yet been met.”
From technical perspective, EURUSD daily charts are making higher highs and higher lows and today price broke out of an important resistance level at 1.1215 and next resistance is around 1.1410 level which is about 180 pips away from current price, so there is plenty of upside room. As such the best option is to look for buying opportunities on any pull back on hourly time frame.
Moreover, today's sell off in global equities market indicates slowdown in overall global demand and the lack of any inflation pressures in US would make the Fed hold off on normalizing policy for now. The FOMC minutes revealed that, “The Committee concluded that, although it had seen further progress, the economic conditions warranting an increase in the target range for the federal funds rate had not yet been met.”
From technical perspective, EURUSD daily charts are making higher highs and higher lows and today price broke out of an important resistance level at 1.1215 and next resistance is around 1.1410 level which is about 180 pips away from current price, so there is plenty of upside room. As such the best option is to look for buying opportunities on any pull back on hourly time frame.
