EUR/USD ahead of FOMC Minutes: Testing a key trendline's support
Today at 18:00 GMT will be released the minutes from the most recent Federal Reserve’s interest rate decision, where Janet Yellen gave some hints that there are higher chances to see a rate hike and market’s analysts are expecting to see an increase during December’s meeting. We’ll see how the minutes’ language can provide more information about it and let’s see if odds increases in coming days after the minutes’ release.
Our technical analysis for EUR/USD at the daily chart, ahead of FOMC minutes, is showing a triangle pattern formation across the board and the pair is showing a very weak structure, boosted by Tuesday’s trading. Now, we’re seeing that EUR/USD is testing the support level of 1.1047 and one may expect a rebound at the current stage, in order to reach the 200 SMA, while a breakout below that zone, should expose the 1.0967 level and because of that, the triangle will be invalidated.