Euro Outlook
Yesterday, currency-markets were quiet as traders were anxious ahead of the fomc meeting, and trading remained hectic… as expected, the fed trimmed interest rates by 50 basis points and hinted to the need for further cuts to heal the u.s. economy… the dollar fell to an all-time low against the swiss franc reaching 1.0815, and the euro benefitted due to interest-rates differentials testing a high of 1.4905 against the dollar… on the charts, the medium-term trend remains positive and initial target remains 1.4925/65 that should hold at first attempt, with its break calling for 1.5095 open…. the first objective should be seen in the next 48 hours, and a corrective downmove may follow ideally to 1.4825/15, prior to a new rally, most probably above 1.5000…. only an hourly close below 1.4765 can jeopardize the euro-bullish medium-term trend and imply for a correction, normally to 1.4730/00, possibly lower to 1.4665… below this latter will call for a revisit of 1.4595, not favoured at this stage… the long-term trend will remain euro-bullish as long as 1.4365 is not decisively broken on a daily closing basis, and initial objective is 1.5490…
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