EUR/USD weaker post FOMC, on its way to 1.10

EUR/USD weaker post FOMC, on its way to 1.10

FXStreet (Edinburgh) – EUR/USD has spiked to the 1.1080 area following the release of the FOMC statement, although it’s quickly surrendered those gains.

EUR/USD softer after the Fed statement

The downside in the pair is picking up pace now after the Committee has left intact its monetary stance at today’s meeting with Fed Funds range at 0.00% to 0.25%, matching precious expectations.

The Committee has also noted the persistent improvement in the labour market, while its assessment on inflation remains almost unchanged from the June meeting. Members also noted that the economic activity has been expanding at a moderate pace.

EUR/USD levels to watch

As of writing pair is down 0.46% at 1.1011 and a breach of 1.1000 (psychological level) would target 1.0969 (low Jul.27). On the upside, the next resistance aligns at 1.1085 (high Jul.29) followed by 1.1129 (high Jul.27) and then 1.1197 (high Jul.13).

EUR/USD weaker post FOMC, on its way to 1.10