So, at yesterday’s FOMC meeting, the Federal Reserve made it clear that the conditions for a rate hike are ripe, that rates can rise without a negative impact on the labor market, and the first increase will be in March. As a result of the day, the dollar index strengthened by 0.51%, the euro lost 60 points. The yield on 5-year US government bonds increased from 1.564% to 1.678%.
On the whole, the Fed’s decision, like any thesis of Fed Chairman Jerome Powell’s speech, was expected. But the fall of the euro shows that the markets have not yet taken into account the beginning of the US rate hike cycle, as is sometimes expressed in the media. And, perhaps, this is the main idea that has matured as a result of yesterday.
The price settled under both indicator lines on the daily chart – under the balance line and the MACD line. The price is approaching the first bearish target (1.1170) as planned. Consolidation below the level will open the second target (1.1050).
On the four-hour chart, the signal line of the Marlin Oscillator went out of the range down. The oscillator has a decent margin of movement before the oversold zone. Looking forward to further price cuts.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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