Dukascopy

EUR/USD in wait-and-see mode before Fed

FX:EURUSD   Euro Fx/U.S. Dollar
240 0 0
"The fall in oil             prices, the fall in equity prices, the rise in the euro             , the developments in the broader commodities complex -- all of these are driving inflation significantly lower. It is to that that Mario Draghi is responding."
- Goldman Sachs (based on Bloomberg)


Pair's Outlook
The pair fluctuated within the range between two moving averages on Tuesday, namely 20 and 55-day SMAs at 1.0869 and 1.0829, respectively. Tranquil trading is explained by expectations of the Fed meeting, and this fact is confirmed by falling trading volume . Dovish statement later on Wednesday will make the Euro             quite buoyant today, with the short-term target being unchanged near 1.0960/80 ( Bollinger band ; 100-day SMA ). Meantime, support will continue to be offered by a dense demand area above 1.08. Any break out below here should trigger a selloff down to 1.0715 (January lows).

Traders' Sentiment
SWFX bears remain in the majority of 54% for open positions. Alongside, 59% of all pending orders in 100-pip range from the spot suggest the EUR/USD             pair will decline in the foreseeable future.
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