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29 Oct 2014
EUR/USD on-hold ahead of FOMC
FXStreet (Edinburgh) - EUR/USD extends the continuation pattern around 1.2740 on Wednesday, ahead of the FOMC statement.
EUR/USD between 1.2720 and 1.2750
Spot keeps the tight range around the mid-1.2700s amidst increasing expectations surrounding the FOMC gathering today. It is worth noting that there will not be a press conference (next one will be in the December 17th meeting) or economic projections, however, investors expect the Committee to announce the end of the 2-year stimulus programme and will look for clues regarding the start of the hiking cycle by the Fed. The greenback will thus be in the limelight, with consensus slightly tilted to a dovish tone from the statement, allowing a continuation of the EUR/USD upside.
EUR/USD relevant levels
The pair is now up 0.01% at 1.2736 facing the next resistance at 1.2765 (high Oct.28) followed by 1.2841 (high Oct.21) and then 1.2845 (high Oct.16). On the downside, a break below 1.2722 (10-d MA) would open the door to 1.2715 (200-h MA) and finally 1.2698 (21-d MA).
EUR/USD between 1.2720 and 1.2750
Spot keeps the tight range around the mid-1.2700s amidst increasing expectations surrounding the FOMC gathering today. It is worth noting that there will not be a press conference (next one will be in the December 17th meeting) or economic projections, however, investors expect the Committee to announce the end of the 2-year stimulus programme and will look for clues regarding the start of the hiking cycle by the Fed. The greenback will thus be in the limelight, with consensus slightly tilted to a dovish tone from the statement, allowing a continuation of the EUR/USD upside.
EUR/USD relevant levels
The pair is now up 0.01% at 1.2736 facing the next resistance at 1.2765 (high Oct.28) followed by 1.2841 (high Oct.21) and then 1.2845 (high Oct.16). On the downside, a break below 1.2722 (10-d MA) would open the door to 1.2715 (200-h MA) and finally 1.2698 (21-d MA).