The upbeat tone remains unchanged around the EURUSD pair today as it extends its march north for yet another session and clinches tops in the 1.1350 region.
November 15, OctaFX – The US dollar index rose after investors were told to prepare for more rate hikes ahead. In an interview with Dallas Fed President Robert Kaplan, Fed Chairman Jay Powell credited the Fed for the current strength of the economy.
He also said that the Fed could hike interest rates ‘at any time in 2019’. If this happens, it will be a major change in Fed policy. Over the past few years, the Fed has adopted the policy of forward guidance, which allows investors to anticipate policy changes in advance.
He also said that the global economy was ‘gradually chipping away’. The Fed is expected to hike rates in December making it the fourth hike this year.
EURUSD Technical Outlook
The EURUSD made small gains in the Asian session as traders waited for the important retail sales data from the US. On the 30-minute chart, the pair’s price was along the upper band of the Bollinger Bands.
The RSI was largely unmoved at around the 59 level while the momentum indicator moved slightly above the 100 level. The pair will likely continue moving up to test the 1.1350 level.
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