EUR/USD Price Analysis: Euro trading mixed ahead of FOMC

 

 

The spot is retracing down while trading above the main SMAs on the daily chart. However, the euro is trading mixed ahead of the FOMC at 19:00 GMT. According to analysts, the event is not expected to be a major market mover. 

 

 

The euro is bouncing from the 1.1150/32 support zone while above the main SMAs. Bulls want a break of the 1.1190 resistance. However, since the market has been so two-sided of late the spot is more likely to stay within the 1.1150-1.1190 range in the medium term. A clear break above 1.1190 is necessary to reach 1.1225 and 1.1248 levels, according to the Technical Confluences Indicator. On the flip side, bears would need to pierce the 1.1150/32 price zone to reach the 1.1098/74 level.