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EURUSD – Morning Technical Overview

Razvan Mihai

Analyst

The US dollar gained more than 200 pips after the FOMC statement. The Euro was bought on the Asian session before the economic releases from the Euro Area. The main trend now is down. The price has set itself under the 21 Exponential Moving Average, on a 60 minute chart. The corrective up move seems to have ended. This current drop could end up retesting the local support from 1.0900.

Only a break above 1.0950 would invalidate the downside scenario. We are expecting for the main down trend to continue. But the price movements could be very sensitive to the economic releases scheduled for today. In case of a rally, the next resistance is found at 1.1000, while a break under 1.0900, could mean that the price is ready to towards the key level support from 1.0800.

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