EUR/USD will lack conviction in front of the FOMC meeting tomorrow [Video]
|EUR/USD
The signs are that EUR/USD will lack conviction in front of the FOMC meeting tomorrow (if not, in front of the tariffs decision). The sellers had an opportunity to take control after Friday’s bearish engulfing candle, but the consolidation that has followed suggests a market lacking conviction. Another early consolidation back towards the old $1.1075/$1.1100 mid-range pivot today reflects this. Momentum indicators are neutral (RSI flat almost bang on 50, MACD lines flat at zero) to very slightly corrective (Stochastics falling). However, there is nothing to suggest any conviction has built in the wake of Friday’s strong negative candle. It is a wait and see market once more. Initial support is at $1.1040 which protects the growing medium term floor at $1.0980/$1.1000. We still see the pivot band $1.1075/$1.1100 as a near term neutral zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.