The euro has spiked sharply higher against the US dollar after the Federal Reserve unexpectedly cut interest by 50 basis points on Tuesday. The EURUSD pair could target the 1.1260 and possibly the 1.1300 while price trades above the 1.1170 level. A loss of the 1.1120 support level could see the EURUSD pair falling towards the 1.1020 support level before buying interest returns.
The EURUSD pair is only bullish while trading above the 1.1120 level, key resistance is found at the 1.1260 and 1.1300 levels.
The EURUSD pair is bearish while trading below the 1.1120 level, key support is found at the 1.1020 and 1.0930 levels.
