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EUR/USD ahead of Wednesday’s FOMC

The EUR/USD had a strong session on Monday with the pair advancing above 1.30 more on the strength of the euro than weakness in the dollar. We have broken above Thursday’s shooting star on the daily chart and we are currently hovering around the 38.2 Fibonacci retracement from February high to March low. At 1.3073 at the time of writing, the pair is facing a pullback. With the RSI lacking downward momentum on the 30 min chart, there is further upside potential in the market with key near-term resistance level sitting at 1.313. A break above that area would open the door for 1.3165 and 1.32. As long as the strong support level at 1.2995 remains intact, the bulls are likely to continue to have the upper hand. Some noise at this area would not come as surprise, as all eyes are on Wednesday’s FOMC meeting.

Dafni Serdari
Market Analyst
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