Back
18 Mar 2015
EUR/USD: Likely to be uneventful until FOMC - FXCharts
FXStreet (Bali) - As Jim Langlands, Founder at FXCharts, notes, today is likely to be uneventful for EURUSD until the outcome of the FOMC meeting is revealed.
Key Quotes
"Today is likely to be uneventful until the outcome of the FOMC meeting is known, when traders will largely focus n whether the word “patient” will continue to be part of the Fed’s strategy, or whether it will be removed from the Statement, signalling an impending rate hike in the next few months which would send the Euro sharply lower."
"In the meantime the Euro remains relatively firm at close to 1.0600, but below session highs of 1.0650 and in the absence of any major EU data, further choppy trade at current levels will be the order of the day today, most likely right up until the FOMC Statement is released late in the coming US session."
"The points to watch, on the topside, are at the session high at 1.0650, above which would see a further recovery towards the Fibo resistance at 1.0675 (23.6% of 1.1378/1.0461) and to the 12 March spike high at 1.0683, but above which there is not too much to stop it heading towards the minor descending trend resistance and 200 HMA sitting currently at 1.0710. The downside will now find bids at 1.0570 (100 HMA), 1.0550 (minor), 1.0500 and at the trend low at 1.0461 although the dollar is unlikely to move towards this ahead of the FOMC release."
Key Quotes
"Today is likely to be uneventful until the outcome of the FOMC meeting is known, when traders will largely focus n whether the word “patient” will continue to be part of the Fed’s strategy, or whether it will be removed from the Statement, signalling an impending rate hike in the next few months which would send the Euro sharply lower."
"In the meantime the Euro remains relatively firm at close to 1.0600, but below session highs of 1.0650 and in the absence of any major EU data, further choppy trade at current levels will be the order of the day today, most likely right up until the FOMC Statement is released late in the coming US session."
"The points to watch, on the topside, are at the session high at 1.0650, above which would see a further recovery towards the Fibo resistance at 1.0675 (23.6% of 1.1378/1.0461) and to the 12 March spike high at 1.0683, but above which there is not too much to stop it heading towards the minor descending trend resistance and 200 HMA sitting currently at 1.0710. The downside will now find bids at 1.0570 (100 HMA), 1.0550 (minor), 1.0500 and at the trend low at 1.0461 although the dollar is unlikely to move towards this ahead of the FOMC release."