EURUSD: Consolidates Around 1.1370 Level Ahead Of FOMC
As long as 1.1370 resistance holds on a daily closing basis. The EURUSD remains neutral with risk to break lower. Immediate support comes at 1.1345 level. A sustained breakout – daily closing – below that level opens 1.1285. A cut below here restores the downside momentum and aims 1.1215, further down, support comes at 1.1155 level.
On the upside, resistance comes at 1.1370 level. A break will open 1.1422. it may test 1.1370 before attempts to move higher. Anyway; above 1.1422 aims 1.1465 level, next resistance comes at 1.1537 level.
Conclusion: The EURUSD sees downside risk below 1.1370 level in the short-term outlook.
Support: 1.1345, 1.1285, 1.1215, 1.1155, 1.1080
Resistance: 1.1370, 1.1422, 1.1465, 1.1537, 1.1608
Key data/events which may affect EURUSD today:
- Federal Reserve Rate Decision & Press Conference.
The Federal Reserve will announce its federal funds’ rate and publish updated economic projections at its last policy meeting of the year today at 19:00 GMT.
The Federal Reserve is expected to raise interest rates by a quarter point for a fourth time this year (in a range between 2.25%-2.5%) at the conclusion of its two-day policy meeting.
Fed Chair Jerome Powell will hold what will be a closely-watched press conference 30 minutes after the release of the Fed’s statement, as investors look for fresh clues on inflation and the forecast for the coming year.