EUR/USD Maintains Support at 1.0750 Despite Hawkish Fed Nomination
EUR/USD held steady at 1.0765, defending key support at 1.0750 despite President's nomination of a known hawk to the Federal Reserve Board of Governors. The pair initially dipped 0.4% to test 1.0745 on the news but recovered as European economic data showed unexpected resilience. Eurozone GDP growth was revised upward to 0.4% quarterly, beating initial estimates of 0.3%. The hawkish Fed nomination increases the likelihood of maintaining higher rates for longer, potentially supporting the dollar medium-term. However, immediate market reaction was muted as traders focused on near-term technical levels. The 1.0750 support, coinciding with the 200-day moving average, proved crucial for bulls. Resistance stands at 1.0820, with a break above needed to challenge 1.0850. Failure to hold current support could see acceleration toward 1.0700.
Related Symbols:
EURUSD
This is a summary of the original article by investing.com. To read the complete article, please visit the source website:
Read Full Article at investing.comNews data provided by Marketaux. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
