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EUR/USD resilient around 1.1100 ahead of FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency is posting moderate losses vs. the greenback on Wednesday, with EUR/USD gyrating around the 1.1100 handle ahead of US data.

    EUR/USD attention to US releases

    It seems spot has resumed its weekly downside after yesterday’s tepid bullish attempt, although EUR-bears keep struggling to break the key support at 1.1100 on a sustainable fashion.

    Further rangebound is expected at least during the European session and ahead of key inflation figures in the US economy followed by the more relevant FOMC meeting. Market consensus sees the Committee staying put today, although it could deliver a hawkish tone.

    EUR/USD levels to watch

    The pair is now down 0.11% at 1.1095 facing the next support at 1.1042 (200-day sma) ahead of 1.1025 (55-day sma) and finally 1.0820 (post-ECB low Mar.10). On the other hand, a breakout of 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11).

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