Post-FOMC Reaction, EUR/USD 'U-Turn' Up To $1.0600 Level

<p>&nbsp;The US dollar showed a decline in value at the end of the New York session after the market reaction to the FOMC meeting and the follow-up speech by Federal Reserve (Fed) Chairman Jerome Powell.</p><p><br /></p><p>Interest rates remained as expected at 5.50% and investors digested Powell's post-meeting remarks.</p><p><br /></p><p>Powell emphasized that policy was likely to be maintained, but gave no indication of a rate hike at the December meeting.</p><p><br /></p><p>The next market focus is seen to shift to the United States (US) NFP employment data report on Friday which received a gloomy signal from the ADP employment data in the New York session yesterday.</p><p><br /></p><p>However, the JOLTS job offer data came out with a higher figure than forecast.</p><p><br /></p><p>Looking at the price action on the EUR/USD currency pair chart, the price initially hovered around 1.05200 before rebounding after the FOMC meeting.</p><p><br /></p><p>The price increase continued until the Asian session this morning (Thursday) with the price seen testing the concentration level at 1.06000.</p><p><br /></p><p><br /></p><p>If the price increase succeeds in penetrating the zone, the bullish movement will continue for the price to reach the high level recorded last Tuesday at 1.06700.</p><p><br /></p><p>Next, the 1.07000 resistance zone will be waiting to be tested if the bullish pattern is successfully maintained.</p><p><br /></p><p>However, if the price instead plunges back down, a break below the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart will signal for the price decline to resume.</p><p><br /></p><p>The target is to head towards the support zone at 1.05000 after breaking through the lows for trading this few weeks.</p>