EUR/USD remains steady as traders await crucial FOMC minutes
EUR/USD has been trading in a tight range with traders anticipating FOMC minutes from the US. The spread of the Omicron variant in Europe and the US will also be a point of consideration for traders. Meanwhile, inflation remains a hot topic in the new year and there appears to be a different approach taken by the ECB vs. the Federal Reserve. As well as FOMC minutes, we will also receive PMI figures from Germany today.
Price minimums highlighted in red circles have been increasing which shows support from buyers. Price has touched support three times and is now aiming a resistance retest near the 1.1400 level. Buyers will now attempt a breakdown of the 100-day moving average on the 4-hour timeframe. If the MA 100 breaks lower, then price could rush to 1.350 and then to 1.400.
A potential rate hike announcement could lead to a break in the strong support of 1.280, however this is not anticipated until March. We wait to see how the minutes today will impact markets and general sentiment. As of now, the EUR/USD pair appears to be waiting on this data release before making a decisive price movement.
Price minimums highlighted in red circles have been increasing which shows support from buyers. Price has touched support three times and is now aiming a resistance retest near the 1.1400 level. Buyers will now attempt a breakdown of the 100-day moving average on the 4-hour timeframe. If the MA 100 breaks lower, then price could rush to 1.350 and then to 1.400.
A potential rate hike announcement could lead to a break in the strong support of 1.280, however this is not anticipated until March. We wait to see how the minutes today will impact markets and general sentiment. As of now, the EUR/USD pair appears to be waiting on this data release before making a decisive price movement.
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