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Will the Euro/USD, which is facing resistance on the upside, extend its decline? All eyes are on the outcome of the FOMC meeting.

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Will the Euro/USD, which is facing resistance on the upside, extend its decline? All eyes are on the outcome of the FOMC meeting.

26.07.2023

Today's Highlights
  1. U.S. FOMC Policy Rate and Statement Announcement
  2. U.S. New Home Sales

In the previous day’s U.S. currency trading, the U.S. dollar strengthened against the euro after the Conference Board’s July Consumer Confidence Index, released during U.S. trading hours, rose to 117.0 from the previous reading of 109.7. The EUR/USD pair fell from 1.1086 to 1.1020.The 20-period moving average (MA) on the hourly chart acted as resistance, and the downtrend continued. However, on the higher-time-frame 4-hour chart, support from the 200-period exponential moving average (EMA) and simple moving average (SMA) lies just below the current price, so we should carefully assess whether the pair will break below these support levels as U.S. trading hours approach.

Among European currencies, the pound saw a back-and-forth movement against the yen. GBP/JPY fluctuated between 181.147 and 182.008, trading straddling the 20-period moving average on the hourly chart and lacking a clear direction.During today’s Asian session, although the pair is trading above the 20-period moving average on the hourly chart, it remains range-bound within a 20-pip range. Until the FOMC meeting concludes, it seems prudent to adopt a wait-and-see approach regarding the direction of the yen crosses.

Today, at 14:00, Japan’s Leading Economic Index (CI); at 15:00, Sweden’s trade balance; at 15:45, France’s consumer confidence index; at 17:00, Switzerland’s investor confidence index; at 20:00, the U.S. MBA mortgage applications index;U.S. New Home Sales at 11:00 p.m., U.S. Weekly Crude Oil Inventories at 11:30 p.m., the FOMC policy rate decision and statement at 3:00 a.m., and a press conference by Fed Chair Powell at 3:30 a.m.With the euro/dollar pair facing resistance on the upside, we will be watching closely to see if it extends its decline following the FOMC announcement.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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