- Goldman Sachs (based on Bloomberg)
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 . Dovish statement later on Wednesday will make the Euro quite buoyant today, with the short-term target being unchanged near 1.0960/80 ( ; 100-day ). 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).
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.