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Breaking news

Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

Real Time News
  • Fed's Powell: - Fear of COVID and unemployment benefits are keeping people from working - Such a high vacancy-to-unemployed ratio is rare
  • Fed's Powell: - We are not looking at raising rates, but instead asset purchases - Ideally you would not be raising rates before tapering
  • @CVecchioFX @RiskReversal @GuyAdami Gold is headed back to the bar for another bender #LowerForLonger
  • Fed's Powell: - Move in yields not pinned on one single factor - Technical factors, movements in real yields shifting bond market
  • Fed's Powell: - In the near-term, risks to inflation are tilted to the upside - If inflation continues to rise above the Committee's goal, Fed will use its tools to guide inflation lower
  • $USD bearish break, now at LOD next support 92.19-92.26 https://t.co/KE2gP6Q1Xs https://t.co/DmMGL9byme
  • Gold and the US Dollar whipsawing in wake of the Fed statement and press conference hosted by Chair Powell. Statement said the economy has made progress toward its goals, but Powell just expounded on this by saying "we are still a ways away from *substantial* progress on jobs." https://t.co/qVy8rpIn86
  • Fed's Powell: - We are not near a discussion on raising interest rates - Economic recovery remains extremely uneven
  • So, either the Fed announces Taper soon and markets will evaluate that through the risk lens or they will have to push it back because they are troubled by economic issues such as the covid risk they highlighted. Either way, serious dancing to keep risk appetite steady
  • Fed's Powell: - COVID waves have less and less of an economic impact as time goes on - We will monitor Delta variant closely
EUR/GBP Technical Analysis – Head and Shoulders Forming?

EUR/GBP Technical Analysis – Head and Shoulders Forming?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8230 (Apr 8 low)
  • Resistance: 0.8322 (38.2% Fib exp.), 0.8351 (50% Fib exp.)

The Euro may be carving out a significant bottom against the British Pound, with prices tracing out what may become a Head and Shoulders (H&S) bottom chart pattern. Confirmation requires a daily close above neckline resistance at 0.8294, a move that would initially expose the 38.2% Fibonacci expansion at 0.8322. Longer term, the H&S formation would imply a measured upside objective at 0.8358 if the setup is fully realized. Near-term support is at 0.8230, the April 8 low. We will remain on the sidelines for the time being, waiting for completion of the H&S setup to look for buying opportunities.

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dailyclassics_eur-chf_body_Picture_11.png, EUR/GBP Technical Analysis – Head and Shoulders Forming?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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