The results of the previous hawkish FOMC meeting minutes further reinforced suggestions from a handful of Federal Reserve (Fed) members who argued to take a tapering move earlier in the minutes that were the focus of this morning’s issuance.
This also proves that the move is likely to be achieved after US President Joe Biden remains to nominate Jerome Powell as Fed President for a second term.
The catastrophe continues to haunt the Euro currency as the European Central Bank (ECB) signals not to tighten policy and altogether affects the Euro currency remains weak in addition to the risk of impending movement restrictions in Europe due to the resurgence of Covid-19 infection cases.
Judging by the price on the EUR/USD currency pair chart, the price seems to be continuing its downtrend pattern to make strides in making the latest 2021 record low around 1.11900.
The price movement is also seen to only reach the resistance level of Moving Average 50 (MA50) before continuing to make a decline until it passes the support level of 1.12000 at the end of the session.
The decline also continued to drag the price on the EUR/USD chart to remain plummeting from a high of around 1.22600 at the end of May by producing a plunge of over 1000 pips so far today.
Subsequent expectations will likely see the price movement try to further pass the support zone of 1.12000 and overcome the lows to remain testing the lower zone.
That is, the next support zone will be observed at 1.11000 and will indirectly strengthen the indicators for the price to record a sad performance for 3 consecutive weeks.
However, if the price movement is able to provide a surprise in making an increase, the SBR zone (support become resistance) 1.13000 is expected to be the closest target to be achieved.
While the higher rise reaching the SBR zone of 1.14000 is likely to serve as an early hint to investors for the price to return to excellent performance again.
