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  • US dollar rises marginally after FOMC statement, attention turns to Powell.
  • EUR/USD hits highest since September 2018, still below 1.1800.

The EUR/USD pair was trading at fresh multi-year highs and after the released of the decision from the Federal Reserve peaked at 1.1792 and then pulled back modestly, finding support at 1.1770.

As expected, the Federal Reserve kept interest rates unchanged at 0.00-0.25%. it practically repeated the stamen from the June meeting. Now eyes turn to Jerome Powell, Fed’s Chairman who will start speaking at 18:30 GMT. He will probably be asked about the meeting, possible implementation of the yield curve control, among other questions.

The US dollar moved sideways after the statement, without a clear direction, holding onto losses versus majors, flat versus commodity and modestly higher versus emerging markets currencies.

Technical levels

The EUR/USD appears to be poised to test the 1.1800 area before Powell. On the downside, 1.1760 is the immediate support followed by 1.1740 and the daily low at 1.1710.