With the daily charts still showing positive momentum further gains look possible, and if 1.0990/1.1000 is taken out then stops will be triggered that could take the Euro on towards 1.1035 (Apr 6 high) and to 1.1052 (26 Mar high). Beyond here would allow an acceleration towards the major descending trend resistance, which currently lies at 1.1095 and should be very strong resistance as it is also the 26 Jan spike low that preceded a correction to 1.1530. Beyond 1.1100 would open the way towards the 100 DMA, currently at 1.1330, although that is for another day.
On the downside, dips will find support at 1.0920 (minor) and then at 1.0900, although this seems unlikely ahead of the FOMC outcome. If the Fed are more hawkish than expected, then the 100 HMA currently sits at 1.0830 and the 200 HMA at 1.0800.
Ahead of the FOMC, there will be some data from the EU but which will most likely be largely ignored. The provisional Q1 US GDP will be released ahead of the FOMC Meeting. It will be volatile and from a technical perspective, buying dips appears to be the plan.
Economic data highlights will include:
German Retail Sales, EU Consumer Confidence, Economic Bulletin, German Provisional CPI, US Provisional Personal Consumption/Expenditure, GDP, Pending Home Sales, FOMC Meeting/Interest Rate Decision.
The post EURUSD: Euro higher, US$ under pressure ahead of the #FOMC. appeared first on FX Charts Daily.
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