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Apr 27 - 11:55 PM

EUR/USD - Drifts Lower As Market Awaits FOMC

By John Noonan  —  Apr 27 - 11:30 PM
  • EUR/USD opened virtually unchanged at 1,2093 despite higher US yields nL1N2MK2GK

  • EUR/USD drifted lower during the Asian morning, as USD broadly firmed

  • Heading into the afternoon it is making a session low just ahead of 1.2075

  • Support is at the 10-day MA at 1.2042 and break would ease upward momentum

  • Resistance is at a trend-line drawn from Jan 6 high at 1.2349 - at 1.2214

  • A break above 1.2120 initially targets the Feb 25 high at 1.2243

  • Key today will be the tone set by the FOMC meeting later today

  • USD shorts have pared back in case Fed isn't as dovish as market expects

  • If Fed reiterates they are not considering tapering USD should move lower

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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