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The Unites States Federal Reserve System decided to pause the cycle of interest rate hikes during its two day meeting after 10 consecutive increases. Currently, the interest rate is at its highest level since 2007, ranging from 5% to 5.25%. The regulator noted that two more rate hikes may be implemented in the future depending on incoming statistical data. During the press conference, Fed Chairman Jerome Powell emphasized that lowering the rate this year would be inappropriate. The market expects the first rate cut to occur in January 2024.
The EUR/USD currency pair temporarily strengthened to the level of 1.0865, but then experienced a pullback to the previous level of 1.0800. The gradual rise indicates a recovery in the euro's exchange rate after the decline in May.
The GBP/USD currency pair rapidly rose and reached a local high in the medium-term trend. As a result, a technical signal for further growth emerged, but in the short-term timeframes, there was also a signal of the pound being overbought, leading to a pullback.
Today, the focus will be on the European Central Bank (ECB) meeting, where an interest rate hike from 3.75% to 4.00% is expected. The market has largely already priced in this decision. However, special attention will be given to the subsequent press conference, where the regulator's plans regarding further strategy will be discussed. The ECB President's speech may cause an increase in volatility in the financial markets.
Time targeting:
ECB meeting results – 12:15 UTC
ECB press conference – 12:45 UTC
Stable price holding above the 1.0800 level provides an opportunity for subsequent growth in long positions. This could contribute to a new phase of recovery. However, if the quote drops below 1.0750, the recovery process may be interrupted.
The current pullback may be a stage of trading force realignment, which could lead to the removal of overbought status. If the price returns above the 1.2700 level, we can expect a new phase of growth. However, at the moment, the pullback and stagnation phase is expected to persist in the market.
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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