Dukascopy

EUR/USD treads water as FOMC minutes near

FX:EURUSD   Euro Fx/U.S. Dollar
52 0 0
"The minutes will reveal "a willingness to hike interest rates this year."
- Daiwa Capital Markets (based on MarketWatch)


Pair's Outlook
Yesterday the bears tried to take leadership over the EUR/USD             currency pair, but all losses were ultimately eroded by revived bullish strength. Therefore, the cross keeps hovering around the February high at 1.1370, while getting ready for the release of FOMC meeting minutes later on Wednesday. A more hawkish surprise here will likely provoke a downshift in prices to the weekly pivot point at 1.1326, which is acting as the first immediate support line. However, aggregate daily technical studies are bullish and we are still not ruling out a spike towards the 1.15 area ( Oct             high; weekly R1).

Traders' Sentiment
For a second consecutive day the total number of SWFX's bearish and bullish traders is holding at the same level of 60% and 40%, respectively.
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