Anyway and technically, the pair has little to offer at the current level, stuck a few pips above 1.0865, but unable to firm up above the 1.0900 figure. Ever since the latest FOMC statement, the pair has been trading quite choppy between 1.08 and 1.10, and the fact that stands mid range, sheds no light over what's next in the short term. As for the technical picture, both the 1 and the 4 hours chart favor the downside with a price acceleration below the mentioned 1.0865 Fibonacci support, favoring an approach to the 1.0800 level. Some follow through above 1.0900 on the other hand, should see the price extending up to 1.0950 a quite strong static resistance level that should limit the upside in the short term. Should the price finally break above it, the price may extend up to the 1.1000 area, with little probabilities of additional advances beyond it for this Monday.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
AUD/USD stays directed toward 0.6500 as RBA's Bullock speaks
AUD/USD is extending losses toward 0.6500 in Asian trading on Tuesday. The Aussie Dollar remains offered after the Reserve Bank of Australia extended the pause. Markets digest the less hawkish policy statement while Governor Bullock's press conference gets underway.
USD/JPY recaptures 150.00 after the expected BoJ rate hike
USD/JPY extends gains to regain 150.00, as the Japanese Yen stays vulnerable amid a classic 'sell the fact' trading on the hawkish BoJ decision. The BoJ lifted the interest rate by 10 basis points (bps) from -0.1% to 0% for the first time since 2007 and abandoned the YCC framework.
Gold price flat-lines above one-week low, awaits the crucial Fed decision on Wednesday
Gold price oscillates in a range and is influenced by a combination of diverging forces. Hawkish Fed expectations, elevated US bond yields and a bullish USD cap the upside. Geopolitical risks lend some support to the XAU/USD ahead of the key FOMC meeting.
Bitcoin price shows weakness, but new BTC whales have created solid support at $56,400
Bitcoin price downside momentum continues to gain strength, giving sidelined and late bulls a chance to buy the dip. The market remains focussed on the oncoming halving, expected to kick off the next bull cycle. For the meantime, however, spot BTC ETFs remain the main play in the market.
Lots of tension ahead of this week's Fed decision
Last week, we got a strong round of US economic data accompanied by hotter US inflation reads. The takeaway of course is that there might be a lot more pressure on the Fed to be looking to scale back its rate cut outlook at this week’s meeting.