EUR/USD trades 0.35% higher on the session as traders react to fundamental developments. There is another resistance level close by that the bulls could look to target. EUR/USD 4-Hour Chart EUR/USD has spike around 50 pips or so after the Fed announced a 0.50 bps rate cut in response to the coronavirus. Currently, the pair is struggling at the previous wave high of 1.1185. If this level breaks the bulls could look to target the next resistance zone of 1.1239. It seems that the market has been correct in pricing in the rate cut over the past week or so since Jerome Powell gave an interview last Friday. EUR/USD Daily Chart On the daily chart, the pair has now clearly broken through the trendline and could be headed for higher levels. We must remember that the cuts could have been priced in so there may not be a frantic push higher. If the price does hold above the trendline the next resistance higher past the one mentioned above could be nearer to 1.1347. 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 GBP/USD jumps above 1.2800 after Fed’s emergency rate cut FX Street 2 years EUR/USD trades 0.35% higher on the session as traders react to fundamental developments. There is another resistance level close by that the bulls could look to target. EUR/USD 4-Hour Chart EUR/USD has spike around 50 pips or so after the Fed announced a 0.50 bps rate cut in response to the coronavirus. Currently, the pair is struggling at the previous wave high of 1.1185. If this level breaks the bulls could look to target the next resistance zone of 1.1239. It seems that the market has been correct in pricing in the rate cut over the past week or so… 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.
