Wed, Mar 29, 2023 @ 06:50 GMT

EUR/USD Pops Higher

The US dollar plunged after the Fed’s 25 bp hike raised hopes that the peak rate is getting closer. On the daily chart, the euro has bounced off the 20-day SMA (1.0800) as it sought to preserve its gains above last May’s high of 1.0780. A sharp break above 1.0910 has attracted momentum buyers, sending the pair towards 1.1100 which sits in the supply zone from the April sell-off. As the RSI ventures into the overbought area, more buyers may see a pullback as an opportunity to tag along with 1.0900 as a fresh support.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading