Forex News

Euro extends gains as dollar retreats ahead of FOMC minutes

2023.11.21 11:53


© Reuters.

The Euro continued its ascent today, marking a fourth consecutive session of gains against a retreating US dollar, as market participants await the release of the Federal Open Market Committee (FOMC) minutes for further insights into future policy rates. In the early European trading hours today, the pair traded above key Exponential Moving Averages (EMAs), signaling a bullish trend, despite indications from the Relative Strength Index (RSI) suggesting the currency may be overbought and could face near-term consolidation.

Investors are closely monitoring key resistance levels, with immediate focus on the Bollinger Band top at 1.0978. A break beyond this point could see the currency pair challenge the significant psychological mark and August 11’s high at 1.1000. If this resistance is breached, it may open a path toward early August highs and possibly reach July’s peak of 1.1149.

On the downside, support levels are emerging around a psychological threshold observed in November between 1.0895 and 1.0900. This support is bolstered by lower Bollinger Band limits at 1.0817, the pivotal EMA at 1.0759, and further by November 16’s high at 1.0725.

Market watchers are poised for any signals from the FOMC minutes that might indicate future interest rate movements, which have been a critical driver for currency valuations in recent months. The anticipation of these minutes has contributed to the fall in Treasury yields and has played a role in weakening the dollar, providing an additional lift to the Euro in today’s session.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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