The Fed's monetary policy guidance at its penultimate meeting of the year will help determine the short-term outlook for the Nasdaq 100 and EUR/USD. For this reason, traders should pay close attention to Powell's press conference on Wednesday.
In September, the Fed left open the possibility of additional policy firming this year, but conviction around further tightening has been waning of late, with several key officials indicating that the bond market is doing the work for them by tightening financial conditions via rising yields. Traders should closely heed Powell's views on this matter.
Keen to understand the role of retail positioning in EUR/USD's price action dynamics? Our sentiment guide delivers all the essential insights. Get your free copy today! Conversely, if the bulls engineer a strong resurgence and manage to push prices higher, initial resistance stretches from 1.0670 to 1.0695. Upside clearance of this region could rekindle upward momentum, paving the way for a move towards 1.0765, an important ceiling that corresponds to the 38.2% Fibonacci retracement of the July/October pullback.
The Nasdaq 100 has rebounded from an area of cluster support that spans from 14,150 to 13,930, where the lower limit of the short-term descending channel aligns with the 200-day SMA and the 38.2% Fibonacci retracement of the October 2022/July 2023 rally.
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