This is the first Federal Reserve rate hike in 14 years (0.25%). FOMC members have decided that they will raise the rate six more times before the end of the year. But the dollar did not strengthen, as many expected, but weakened. The dollar index lost 0.63%, while the euro itself gained 0.75% or 82 points.
Growing stock indices (against the expectation of their fall), commodities (iron ore 2.8%), yields on government bonds increased. That is, there is a standard picture of the growth of risk appetite. And such sentiments appeared after Fed Chairman Jerome Powell’s statement about the absence of signs of a recession in the American economy (this was a clear hint that there are such signs in Europe).
Well, the current situation in the euro raises extremely difficult questions: will it settle above the level of 1.1060, if there is consolidation, then approximately what levels will the growth last – to the MACD line (1.1195) or until the gap closes on February 25-28 (above 1.1280)? The constructed green Fibonacci channel indicates strong resistance along the MACD line, in the area of 1.1195. This is probably the magnetic point of the market, but it is still impossible to look above it. The general, global trend remains down, in the end we are waiting for the price in the previously designated target range of 1.0636/70.
On the four-hour chart, the price settled above the balance and MACD indicator lines, the Marlin oscillator moved into the growth area. We are waiting for the price to exit above the level of 1.1060 and its further advance to 1.1195.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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