The EUR/USD is recovering into Wednesday's peaks after a steady Federal Reserve (Fed) rate call pushes the US Dollar (USD) back down to the day's low bids.
The Fed held rates steady at 5.25-5.5% as markets broadly expected, and few changes were made to the Fed's rate statement compared to the previous month.
Fed Statement comparison: November vs September
Markets blinked after investors were expecting a much more hawkish showing from Fed Chairman Jerome Powell, with Chairman Powell noting that high rates and corresponding yield increases are weighing down on economic growth and inflation, though the Fed didn't entirely close the door on future rate hikes in price growth threatens to spiral out of control.
Jerome Powell explains decision to leave interest rate unchanged
With the Fed's showing out of the way, markets are free to focus on Friday's upcoming US Non-Farm Payrolls (NFP) for October.
Markets are expecting NFP job gains to cool slightly, with October's NFP forecast to print at 180K compared to September's showing of 336K.
The Euro opened on Wednesday near 1.0580, dropping into a low 1.0517 against the US Dollar heading into the Fed rate call.
The markets have reacted risk-on following the Fed showing, and the EUR/USD is trading back into the day's opening bids.
Intraday chart action is getting hampered by the 50- and 200-hour Simple Moving Averages (SMA) cycling in the midrange as momentum drains out of the pair in the medium term.
On the daily candlesticks, upside momentum continues to get hampered by the 50-day SMA, with bids continuing to cycle tightly with the 21-day Exponential Moving Average (EMA).


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