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EUR/USD treading water around 1.1100, FOMC eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Choppy trade around the common currency is now seeing EUR/USD alternating gains with losses in the vicinity of the 1.1100 mark.

    EUR/USD clings to 1.1100 ahead of FOMC

    Spot keeps navigating the middle of the range as we are half way through the NA session, with decent support emerging in the 1.1080/70 band and gains limited near 1.1130.

    Mixed-to-negative results from today’s docket in the US economy have removed some tailwinds from the greenback, helping the pair to find some buying interest around 1.1070.

    Further consolidation is expected for the pair in the next hours, at least until tomorrow’s FOMC meeting, where consensus expects the Fed to deliver a hawkish tone albeit keeping rates unchanged.

    EUR/USD levels to watch

    The pair is now up 0.09% at 1.1114 and a break above 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11). On the other hand, the next support aligns at 1.1043 (200-day sma) followed by 1.1026 (55-day sma) and finally 1.0820 (post-ECB low Mar.10).

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