All of the excitement surrounding the FOMC economic policy meeting, markets' reaction was for the most limited, with the greenback edging generally lower against most of its rivals. As for the EUR/USD pair, it rallied up to 1.0915, but it was unable to sustain gains beyond the 1.0900 figure during Asian hours.
The pair, however, pressures the level in the European morning as market's sentiment has improved this Wednesday, following oil's recovery. The macroeconomic calendar will be a bit more interesting today, with European consumer confidence figures and German inflation in the EU, and Durable Goods Orders, housing and unemployment figures in the US.
View the Live chart of the EUR/USD
Technically, the 4 hours chart shows that the technical indicators head north above their mid-lines, while the 20 SMA maintains a bullish slope below the current level, in line with further gains. The pair however, has a tough resistance area, between 1.0925 and 1.0960, from where the pair was rejected several times over this January. Above this last, the pair will be breaking a daily descendant trend line coming from December high and the 100 DMA, which means that the upside will look more constructive and that the pair can rally towards the 1.1000 region.
The pair needs to fall below 1.0845 to turn intraday bearish, pointing then for a decline towards 1.0780/1.0800.
Latest updates on the EUR/USD Forecast
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