EUR/USD: dumps post FOMC minutes as dollar demand comes back into play

Currently, EUR/USD is trading at 1.0462, up 0.59% on the day, having posted a daily high at 1.0501 and low at 1.0390.

EUR/USD has dumped from the stable foundation around 1.0480, giving way to renewed dollar strength across the board as investors continue to ride the FOMC's rhetoric and hawkishness for 2017 who are expecting Trumps administration to be a catalyst for inflation and a stronger dollar. There was an initial pop to 1.05 on the release of the minutes, but that soon gave way to offers and stops below 1.0480 and the price has reached the aforementioned lows.

Economic wrap: FOMC minutes - Westpac

EUR/USD levels

Spot is presently trading at 1.0463, and next resistance can be seen at 1.0473 (Hourly 100 SMA), 1.0483 (Daily Classic R1), 1.0491 (Yesterday's High), 1.0500 (Daily 20 SMA) and 1.0501 (Daily High). Support below can be found at 1.0461 (YTD High), 1.0459 (Hourly 200 SMA), 1.0443 (Hourly 20 EMA), 1.0411 (Daily Classic PP) and 1.0403 (YTD Low).