Today may be the day the EUR/USD wakes up from the comatose state that ruled the pair for nearly two weeks already: the FED will announce is monthly economic policy, and the US Central Bank is largely expected to trim another $10B from its QE, but major expectations are focused in a change in the wording of its statement. Words as “significant” applied to risk and inflation, and “considerable time” when it comes to rate hikes and employment pick up, will be the key for the greenback today: if the FED skips such wording, dollar should get a boost across the board, and the EUR lose any chance of recovering. If the wording stays however, the EUR/USD may pick up strongly and began a more sustainable upward correction.
Technically, the 4 hours chart shows that price has posted higher lows daily basis, despite trading in a 100 pips range, with indicators maintaining a neutral stance as per holding around their midlines. The immediate static resistance stands at 1.2990 recent highs, with a price acceleration above it favoring a continuation up to 1.3040/50 price zone. Beyond this last, the pair may attempt approaching the 1.3100 figure, and a daily close near this last should signal further gains for the upcoming days.
To the downside, price needs to extend below 1.2880 to confirm a bearish continuation, eyeing then fresh year lows in the1.2820/40 price zone.
View Live Chart for EUR/USD
Technically, the 4 hours chart shows that price has posted higher lows daily basis, despite trading in a 100 pips range, with indicators maintaining a neutral stance as per holding around their midlines. The immediate static resistance stands at 1.2990 recent highs, with a price acceleration above it favoring a continuation up to 1.3040/50 price zone. Beyond this last, the pair may attempt approaching the 1.3100 figure, and a daily close near this last should signal further gains for the upcoming days.
To the downside, price needs to extend below 1.2880 to confirm a bearish continuation, eyeing then fresh year lows in the1.2820/40 price zone.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
Meta takes a guidance slide amidst the battle between yields and earnings
Meta's disappointing outlook cast doubt on whether the market's enthusiasm for artificial intelligence. Investors now brace for significant macroeconomic challenges ahead, particularly with the release of first-quarter GDP data.