EUR/USD today: the pair is limited to 1.2000
On Wednesday, the pair EUR/USD, like the US dollar, as a whole remains at the opening level of the day, after yesterday’s growth. The restraint dynamics of the American is caused by the expectation of the results of the meeting of the US Federal Reserve, which will come out today.
Events for today:
- 15:15 – the change in the number of employed in the non-agricultural sector of the US from ADP.
- 17:30 – data on oil reserves in the US.
- 18:30 – the speech of the President of the Bundesbank Weidmann.
- 21:00 – the decision on the interest rate of the US Federal Reserve.
Despite the statistics published earlier, the dynamics of the market remains extremely restrained and more like a correction. At the same time, it is worth noting the statistics on the UK, which caused a significant recovery of the British pound, limited by the persistence of negative sentiments regarding the pound.
In this situation, the dynamics of the pair EUR/USD and the dollar will directly depend on the rhetoric of the Fed. The expectations for the meeting will be released later. The pair EUR/USD is likely to maintain a sideways trend before the Fed decision comes out and will be traded in the range from 1.2000-1.1970 to 1.2050. At the same time, the main support levels for today are: 1.2000, 1.1950-30 and 1.1900-1.1880, resistance: 1.2050-80, 1.2100-20 and 1.2150. One should expect high volatility due to the publication of the decision of the Fed.
Fig. EUR/USD. The current price is 1.2000.
Hanzenko Anton