EUR/USD under massive pressure ahead of the FOMC [Video]
|The EUR/USD pair extended its downside movement after failing to stabilize above 1.0023. Now, the price was traded at 0.9906 far below the parity. Fundamentally, the FOMC could be decisive today. The fundamentals will drive the price. As you already know, the FED is expected to increase the Federal Funds Rate from 2.50% to 3.25%. The FOMC Statement and the FOMC Press Conference could really shake the markets. The EUR/USD pair could register sharp movements later today.
From the technical point of view, the EUR/USD pair activated more declines after taking out the 0.9952 and the median line (ml) downside obstacles. After its massive drop, the rate rebounded but this could be only a short lived throwback. The bias remains bearish as long as it stays under the median line (ml). A new lower low could activate more declines.
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