EUR/USD: Euro Slips Against US Dollar Ahead of FOMC Decision

The Euro faced downward pressure against the US Dollar as investors awaited the Federal Open Market Committee (FOMC) monetary policy decision. Trading around the 1.0872 mark on Monday, we have shifted our attention to the 1.08400 level, where potential demand could drive price growth. This area aligns with the 50% Fibonacci level and sits just above the 200 Moving Average, offering added support. With the 61.8% Fibonacci level also considered as a potential support, we set a stop-loss at 1.07800.

We have placed A BUY LIMIT order at 1.08400 in anticipation of potential price movements.

Turning to economic developments, the week ahead is marked by three significant central bank monetary policy decisions. The Bank of Japan is expected to raise rates by 10 basis points on Tuesday, potentially ending the era of negative interest rates. Wednesday brings the Fed's policy decision, where speculations abound regarding adjustments to interest rate projections.

As the price may trigger the Buy Limit before Wednesday, attention remains on potential upward movements for the EUR. Similar conditions are observed in the GBP/USD pair, where two buy limit orders have also been set.

Trade active:

✅Limit order Triggered !

Trade closed: target reached:

✅ Close 50% Volume and Move SL to entry Risk-free

Comment:

The EUR/USD closing the day significantly above 1.0940 on Wednesday after the FOMC ( as predicted..) Early Thursday, the pair maintained slight gains below 1.0950, with technical indicators suggesting a potential uptrend in the near future. Notably, the price appears to have found support within the green rectangle area, signaling a renewed bullish sentiment.

Later today, market focus will turn to key US economic releases, including the weekly Initial Jobless Claims and S&P Global's preliminary Manufacturing and Services PMI data for March. Meanwhile, US stock index futures indicate gains ranging between 0.4% and 0.9%. Barring any negative surprises from the data, continued optimism in the market following the Wall Street opening could keep the USD under pressure, further supporting the upward trajectory of the EUR/USD pair.