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EUR/USD heads North after FOMC statement
The last week's efforts to break below the intraday low set during Mario Draghi’s speech has proven to be a step too far, as the euro has once again strengthened against the US dollar. The 50-day moving average is at $1.3700 and the 200-DMA is trading at $1.3680, so there is still a little upside before natural resistance is hit.
As expected, the US Federal Reserve confirmed that it would cut a further $10 billion from its monthly debt purchasing scheme. There was a distinct dovish tone to the statement that saw the US dollar weaken against a plethora of major currencies.
The short term would point towards higher levels, however traders should be conscious that the European Central Bank is likely to try and talk down euro strength.