The Fed

The pair stood firm in the area of 1.4960 after prowling the 1.5000 area several times during the day today. The testing EURO 100 days of MA for most of the session, recording minimum support level, where there were offers on the minimum level of 1.3146 before the European currency climbed to the 1.3230 area. However, the euro managed to stay in the zone of 1.3200 and the bears were happy. The 100-day MA are around 1.3192 and it is estimated that the pair closed in that area towards the end of the day. USD / JPY recovered after the purchases seen in the European session and the minimum in the level of 98.14 reached after 99.00, the highest recorded at 99.67 but were not met only twice and that is why the bulls were on the defensive since the pair fell in 99.00 during the day.

Furthermore, the publication of the Fed’s Beige Book provided some relief as the greenback following the publication of the American currency rose 99.30, however, the pair later fell to 99.15 to the end of the day. In my view the USD is now reaching its limits. While the greenback has improved, it is time to begin to fall. It is estimated that the majors will continue to trade in both directions at night, and the dollar is likely to fall towards the end of the week.