Trade n Trend

Home » Daily Technical Reports » EUR/USD Today Technical Report 27/04/2016

EUR/USD Today Technical Report 27/04/2016

EUR/USD traded higher on Tuesday following the disappointing US durable goods orders for March. Subsequently, the rate hit resistance fractionally above our 1.1330 (R1) zone and declined a bit. Today, we have the Fed policy meeting and the direction of the pair will be highly dependent on the tone of the statement and on any changes the Committee makes to the outlook for near-term policy. If the FOMC gives a hint that it will be carefully evaluating the conditions to hike at one of the next few meetings, I would expect EUR/USD to fall below 1.1270 (S1) and perhaps challenge our next support at 1.1215 (S2). As for the broader trend, EUR/USD is still trading within a wide range between the 1.0800 key obstacle and the psychological area of 1.1500. As a result, I would consider the longer-term path to be sideways.

EURO 27

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: