EUR/USD has been on the back foot, sliding below 1.18, hitting new weekly lows. The US dollar is strengthening in response to the Federal Reserve’s rate decision. The Fed left its policy unchanged and signaled no changes to borrowing costs potentially through 2023. Markets had already priced in low interest rates for the next few years and have responded with boosting the greenback on the lack of new stimulus. The Fed’s growth projections point to a return to pre-panemic levels by the end of 2021. Federal Reserve Chairman Jerome Powell said the current level of bond-buying is appropriate and said “my sense is that more fiscal support is likely to be needed” – seeming to hint that the ball for more support is in Congress’ court. Euro/dollar has dropped below the 50, 100, and 200 Simple Moving Averages on the four-hour chart, and momentum has turned negative. Investors are eyeing last week’s low of 1.1755 and the daily high of 1.1880 as broad limits of the current range. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Powell speech: Fed has limited tools to address many facets of economic inequality FX Street 2 years EUR/USD has been on the back foot, sliding below 1.18, hitting new weekly lows. The US dollar is strengthening in response to the Federal Reserve's rate decision. The Fed left its policy unchanged and signaled no changes to borrowing costs potentially through 2023. Markets had already priced in low interest rates for the next few years and have responded with boosting the greenback on the lack of new stimulus. The Fed's growth projections point to a return to pre-panemic levels by the end of 2021. Federal Reserve Chairman Jerome Powell said the current level of bond-buying is appropriate and said… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.