Dukascopy

EUR/USD ticks higher after Fed meeting

FX:EURUSD   Euro Fx/U.S. Dollar
146 0 0
"The Fed is really in a wait-and-see mode. They want to see if everything in the global economy and financial markets is really going to bleed through and affect inflation and their outlook for the economy."
- Moody's Analytics (based on Bloomberg)

Pair's Outlook
A dense and difficult resistance cluster ahead of the spot makes the mid-term bearish scenario much more likely than the bullish one. Short-term volatility can be positive for the Euro             , with gains having a chance to be extended up to Dec-Jan downtrend and 100-day SMA at 1.0954/75. If it gets no correction from here, then EUR/USD             will be estimated to fail near 200-day SMA at 1.1053. Bears are determined to retake a Dec-Jan uptrend around 1.0840, followed by current January lows near 1.0715. A long-term focus is on the Dec low at 1.0521, as assumed by aggregate weekly/monthly indicators.

Traders' Sentiment
SWFX bears remain in the majority of 55% for open positions. At the same time, 50-pip pending orders surged yesterday from 47% to 57% and are now expecting gains for the Euro             .
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