EUR/USD technical analysis: Euro pops to daily highs ahead of the FOMC
- EUR/USD rises to 1.1221 ahead of the FOMC.
- The level to beat for bears is at 1.1170 while bulls need to break 1.1239 resistance.
Investors are waiting for the FOMC report to be published at 18:00 GMT. The USD has been weakening across the board ahead of the report.
EUR/USD daily chart
EUR/USD is trading in a bear trend below its main simple moving average (DSMA). The market has reclaimed the 1.1200 figure and is testing the 50 SMA at 1.1216.
The market reclaimed the 200 SMA suggesting that bulls might be regaining strength in the medium term. According to the Technical Confluences Indicator, the next resistance to the upside is seen at 1.1239 (5 DSMA and monthly Fibonacci of 23.6%). After which comes a strong resistances at 1.1257 (Monthly Pivot Point R1) and 1.1268 (previous month high, 10 and 100 DSMA. If the market break 1.1268 the market can travel towards 1.1344 (previous week high and monthly Pivot Point Resistance 2).
Support levels are seen at 1.1170, 1.1146 and 1.1111.
EUR/USD reclaimed the 50 and 100 SMAs suggesting potential bullish activity however the market is still trading below the 200 SMA. The level to beat for bears is 1.1170 followed by 1.1146 and 1.1111.
Additional key levels
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.