In advance of a FOMC meeting
Against a backdrop of announce of the Swiss National Bank representative Mr. Dantin about a overestimated rate of franc and readiness to carry out currency interventions, the pair has been quite choppy in the past two days and growth to the level of resistance 1,1400 has been observed. This level is considered as a quite good position to enter a SELL order.
Main movement
The pair remains inside a bearish price channel, the last few days correction has been observed and that is natural after so strong descending movement. Tenkan and Kijun lines move in parallel, the price moves between them and also above the descending cloud, continuation of the downtrend is predicted. It's advisable to place sell orders lower than a level of resistance 1,1375, to fix profit at the levels of support 1,1320, 1,1280, 1,1230.
Alternative movement
If EUR/USD manages to break through and get fixed higher than a level of resistance 1,1375, continuation of the uptrend to the following levels of resistance : 1,1400, 1,1450 will be possible.
Level of resistance: 1,1375; 1,1400; 1,1450.
Level of support: 1,1320; 1,1280; 1,1230.
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