Yesterday, when President Trump announced a dismissal notice forFederal Reserve Board (FRB), the dollar dropped sharply and the euro rose to 1.1660. Later, Governor Cook said ‘there is no reason for dismissal’ and refused to resign, so the euro went back down to 1.1603. However, worries about the independence of the FRB and the drop in U.S. interest rates pushed the euro up again to 1.1665. This shows that the 1.16 level is strong support. In the short term, the euro may try to reach the recent high of 1.1742 made after Chairman Powell’s comments last week.
EUR/USD expected range: 1.1600 – 1.1680 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.