EUR/USD analysis: dollar pressured ahead of Fed
EUR/USD: Euro stabilizes on high ground, defying the downside
EUR/USD is trading in the mid 1.1300s, holding onto gains. The move comes despite disappointing EZ data, no progress on Italy and a fresh fall in US stocks. Tension is mounting ahead of the Fed.
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After spending the week directionless, the EUR/USD pair pierced the base of its latest range at around 1.1300 and fell to 1.1269, as following a dovish Draghi on Thursday, macroeconomic releases Friday highlighted once again, slowing economic growth in the Union.
EUR/USD is stabilizing around 1.1300 at the wake of a busy week that includes the all-important Fed decision. Where next?
The Technical Confluences Indicator shows that euro/dollar is currently stuck at around 1.1312 where we see a cluster including the Bollinger Band 15-minute Upper, the previous 4h-high, the BB 15-minute lower, the Fibonacci 38.2% one-day, the BB 15-minute Middle, and the Fibonacci 23.6% one-week.
The most substantial hurdle is around 1.1347 which is a convergence of the Fibonacci 38.2% one-week, the Bollinger Band 4h-Middle, the Simple Moving Average 100-1h, the SMA 5-one-day, and the SMA 100-4h.
Looking down, some support awaits at around 1.1288 which is the meeting point of the BB one-day Lower, the BB 4h-lower, and the BB1h-Lower. It is only a weak support line.
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