EUR/USD Finds Resistance Ahead of FOMC

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Talking Points
EUR/USD             resistance is found at 1.1072
FOMC event risk could cause US Dollar             pairs to breakout
Bearish reversals begin under 1.1059

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The EUR/USD             has moved to daily values of resistance this morning, ahead of today’s highly anticipated FOMC event. Currently resistance is found at the R4 pivot point, displayed above at a price of 1.1072. While prices have yet to attempt any significant breakout, traders will be looking towards today’s news at 18:00 to give the pair further direction. Expectations are that key interest rates are to be left at .25%, but any adjustments to this policy could have drastic affects for the EUR/USD             and other US Dollar             crosses. In the event of a breakout above the R4 pivot, traders may begin looking for a 1x extension of today’s 27 pip range towards a price of 1.1089.

In the event that the US Dollar             begins to rally, traders will look for a reversal in EUR/USD             prices. A move below the R3 Camarilla pivot point, found at a price of 1.1059, opens prices up to testing valeus of support. It should be noted that S3 range support pivot is found at a price of 1.1032. As well, bearish breakouts begin for the EUR/USD             at 1.1019. A move to this point would be significant, as it would be the pairs first bearish breakout since last Thursdays 252 pip decline. In this scenerio, traders should conclude that bullish momentum has at least temproarily been suspended and begin looking for new positions based on the markets chosen direction.
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