Breaking: EUR/USD soars above 1.18 as Fed downs the dollar, levels

EUR/USD has jumped over 1.18, hitting the highest levels since September 22018. The Federal Reserve has painted a concerning picture about the resurgence of COVID-19 which is already hurting consumption and jobs. The Fed has committed to using all its powers and tools to support the economy. 

The next levels to watch are 1.1815, 1.1860, and then there is little resistance until 1.20. The weekly chart is showing that EUR/USD is entering overbought conditions.