EUR/USD retraces gains as attention turns to FOMC statement

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD briefly rose above the 1.0900 level but it was rejected and fell quickly to the 1.0865 zone, retracing completely intraday gains on a broader USD recovery.

    EUR/USD pulled back from a peak of 1.0911 toward a session low of 1.0867, where the 20-hour SMA contained the setback. At time of writing, EUR/USD is trading at 1.0872, virtually unchanged on the day.

    Markets focus remains on the Federal Reserve policy statement during the American afternoon, where the FOMC is expected to keep policy unchanged and play down prospects of further rate hikes given recent turbulence in capital markets.

    EUR/USD levels to watch

    In terms of technical levels, EUR/USD could find next supports at 1.0830 (50-day SMA), 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low). On the other hand, resistances line up at 1.0911 (Jan 27 high), 1.0985 (100-day SMA) and 1.1000 (psychological level) ahead of 1.1050 (200-day SMA).

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