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EUR/USD rising towards 200 DMA before FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - EUR/USD is currently trading at 1.1068 with a high of 1.1096 and a low of 1.1025.

    EUR/USD was able to drift on the bid today ahead of the FOMC statement that is key given there will not be a press conference nor do markets expect a rate rise. The focus will go into whether there are any signals within the statement that a Dec hike is on the table or not and how the FOMC have assessed and what conclusions are made on the US economy since the previous meeting.

    EUR/USD levels

    The price has been governed by stocks and bond yields across the EZ pulling and pushing EUR/USD as we head into the outcome of the FOMC on the hour. The 50 SMA has been supportive on the hourly charts while supply comes in at 1.1080/95.

    A break up would target the 200 SMA on the same time frame that is currently at 1.1203 ahead of 1.1300 to bring the major back into neutral territory. The near term target on the bid is the 200 DMA at 1.1113. Downside levels come as 1.0996 for 22nd Oct lows ahead of 1.0855 6th Aug lows and 1.0808 19th July low.
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