USD has sharply fallen against the majors. The #DX decrease is more than 0.75%. As the FOMC protocols say, the market officials were expecting the economic growth. So, increasing the Fed interest rate may have influence in the nearest future.
The Central Bank representatives worry about a low inflation level. They are going to evaluate new economic data before defining the further value for tightening the monetary policy. The US dollar is pressured by a weak dynamics of the yield of the US government bonds and the report on durable goods orders that has fell by 1.2% during October.
Experts thought that the index will grow by 0.3%. To my mind, USD will be pressured further.
The current technical pattern on EUR/USD:
Support levels: 1.17250, 1.16000, 1.15000
Resistance levels: 1,18750, 1.19500, 1.20500
An optimistic statistics from the Eurozone that was published today supports the euro currency.
Bulls dominate the EUR/USD pair since the month beginning, and I think that the pair can grow further. The Head and Shoulders Inverse pattern has appeared on the daily timeframe. The confirming signal is MACD that has reached the positive zone and rises further.
Buying the EUR/USD pair with a trailing stop makes sense in case if the pair consolidates above the 1.18750 resistance. The profit can be taken at the 1.19500 level. The pair may reach 1.20500 in the medium term. Entry points into the market and confirmations can be looked for on smaller timeframes.