📉Dollar weakens during Powell conference❗

8:06 PM July 28, 2021

EURUSD recovers after initial pullback

Although today's Fed statement did not surprise the markets, we could observe a clear reaction to both the EURUSD and major stock indices.Shortly after the release of the FEd decision, EURUSD moved down 40 pips, but before the start of Jerome Powell's conference, the decline was erased, and currently the upward move is continued. The main currency pair broke above 1.1830 level and is testing yesterday's highs. There is nothing new in the statement of President Powell, he said that the Fed is not even approaching the discussion on raising interest rates yet, and that it is too early to normalize monetary policy. The Federal Reserve will, however, continue to closely monitor the situation and react if the need arises.

Despite the dynamic reaction to the EURUSD, the situation on the H4 interval has not changed. The zone at 1.1875 remains the key resistance. Source: xStation5


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