EUR/USD today: the market is waiting for the US Federal Reserve meeting minutes

From the start of the day, the EUR/USD pair continues to show mixed trends. So, the expectation of the US rates cut supported the euro and accelerated the pair’s growth to a high of 1.1130. But very positive data on the US GDP returned optimism for the American dollar and strengthened its position. As a result, this pair continues to trade in the side channel.

Events for today:

• 16:30 – the US crude oil inventories will be released
• 20:00 – the US Federal Reserve interest rate decision will be  published.
• 20:30 – FOMC press conference will be held

The main event of the day and recent weeks remains the US Federal Reserve meeting and its interest rates decision, from which, in addition to the key rate cuts, hints of further monetary policy in the United States is expected also.

Given the significance of the upcoming meeting of the US Federal Reserve and the uncertainty in the market, from the EUR/USD pair we can expect a restrained movement from 1.1120-30 to 1.1100-1.1090, before the publication of the Fed protocol. Moreover, the further movement of the American dollar and the market in general will depend on the softness of the US monetary policy. Significant resistance for this pair are the marks: 1.1130-50, 1.1180 and 1.1200, support: 1.1080, 1.1050-40 and 1.1020.

Read also: “A new front opens in the trade war”

Hanzenko Anton

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