EUR/USD: news from the battlefield
EUR/USD is consolidating below the $1.3400 mark on Wednesday ahead of the FOMC monetary policy decision at 18:00 GMT and the Mr. Bernanke’s press-conference at 18:30 GMT. The level of uncertainty on the market is very high: further direction of the euro completely depends on the Fed’s tone. Yesterday the pair tested the levels above $1.3400, but failed to fix there.
Clear fix above $1.3400 would open the way towards the $1.3500 mark. Downside is now limited by the $1.3300/3275 area. Next support is seen at $1.3250, $1.3230, $1.3200 and $1.3175.
According to Commerzbank analysts, the $1.3440 resistance is likely to hold. A break below $1.3170 is needed to alleviate immediate upside pressure. A drop below this level would open the way to $1.3070.
Watch FBS analysts speak on EUR/USD outlook
Chart. H4 EUR/USD