EUR/USD tumbling following FOMC minutes - 19.05

EUR/USD tumbling following FOMC minutes - 19.05

EUR/USD: Euro is tumbling following FOMC minutes, which revealed the likelihood of a rate increase in the next Fed meeting in June. After breaking the critical 50% fibonacci at 1.1217 our next level of support in this D1 chart will be at 1.1153 - 2 month lows extending up to the 61.8% fib at 1.1123. A break below and traders will eye 1.1050 and 1.0810. Our big resistance now at the 1.1217 and 1.1254 ahead of the 1.1310. 

Critical Technical points: 

S1: 1.1153    S1: 1.1217

S2: 1.1123    S2: 1.1254

S3: 1.1050    S3: 1.1310


About Author

Dimitris is the Chief Market Strategist for XMarkets, where he applies fundamental and technical analysis to identify investment opportunities in the G10 currencies. He used to be a senior analyst in a forex leader like FXCM and a forex trader in Savi Trading in London where he successfully traded the major pairs. Dimitris was also a senior analyst in a Hedge Fund where he was responsible for the in depth analysis and stress tests of the client portfolios. He has a substantial experience in the fundamental and technical analysis of the financial markets. His work can be found in several websites, articles, newspapers, and TV interviews. He holds a MSc degree in International Economics and Finance. He is currently a CFA candidate.

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