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EUR/USD expectant ahead of Fed decision tomorrow

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD continues to trade within a narrow range on Tuesday, unable to set a fresh direction, as the euro failed to capitalize disappointing US data as last week’s ECB dovish rhetoric continues to take its toll on the shared currency.

    EUR/USD has spent the last sessions in a 50-pip range just above the 1.10 mark as investors shift their attention to the Federal Reserve policy decision tomorrow. While expectations still favor a December rate hike, Fed’s wording will be closely watched.

    EUR/USD levels to watch

    At time of writing, EUR/USD is trading at 1.1040, little changed on the day. In terms of technical levels, next support could be found at 1.1000/1.0996 (psychological level/Oct 23 low) followed by 1.0960 (Aug 11 low) and 1.0925 (Aug 10 low). On the upside, resistances are seen at 1.1116 (200-day SMA), 1.1168 (100-day SMA) and 1.1210 (Oct 7 low).
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