EUR/USD, EUR/GBP and GBP/USD as Fed Chair makes slightly hawkish remarks - IG

​​​EUR/USD remains side-lined

EUR/USD's minor consolidation below Monday’s near two-month high at $1.0756 continues with it holding above its the 55-day simple moving average (SMA) at $1.0644, though, as the US Federal Reserve (Fed) Chair Jerome Powell leaves the door open for one possible last rate hike.

​While the 55-day SMA holds, the medium-term bullish trend remains in play. Were it to be slipped through on a daily chart closing basis, the breached July-to-November downtrend line, now because of inverse polarity a support line, at $1.0588 could offer support.

​Resistance is seen at Thursday’s $1.0725 high. Were it and Monday’s high at $1.0756 to be exceeded, the 200-day SMA at $1.0803 would be in focus, together with the $1.0834 July low.

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2023-11-10 12:06:52Z
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