- EUR/USD rises to 1.1221 ahead of the FOMC.
- The level to beat for bears is at 1.1170 while bulls need to break 1.1239 resistance.
Investors are waiting for the FOMC report to be published at 18:00 GMT. The USD has been weakening across the board ahead of the report.
EUR/USD daily chart
EUR/USD is trading in a bear trend below its main simple moving average (DSMA). The market has reclaimed the 1.1200 figure and is testing the 50 SMA at 1.1216.
EUR/USD 4-hour chart
The market reclaimed the 200 SMA suggesting that bulls might be regaining strength in the medium term. According to the Technical Confluences Indicator, the next resistance to the upside is seen at 1.1239 (5 DSMA and monthly Fibonacci of 23.6%). After which comes a strong resistances at 1.1257 (Monthly Pivot Point R1) and 1.1268 (previous month high, 10 and 100 DSMA. If the market break 1.1268 the market can travel towards 1.1344 (previous week high and monthly Pivot Point Resistance 2).
Support levels are seen at 1.1170, 1.1146 and 1.1111.
EUR/USD 30-minute chart
EUR/USD reclaimed the 50 and 100 SMAs suggesting potential bullish activity however the market is still trading below the 200 SMA. The level to beat for bears is 1.1170 followed by 1.1146 and 1.1111.
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD clings to gains near 1.0700, awaits key US data
EUR/USD clings to gains near the 1.0700 level in early Europe on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
Meta takes a guidance slide amidst the battle between yields and earnings
Meta's disappointing outlook cast doubt on whether the market's enthusiasm for artificial intelligence. Investors now brace for significant macroeconomic challenges ahead, particularly with the release of first-quarter GDP data.