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Big day for EUR/USD: To taper or not to taper?

The EUR/USD had a volatile session on Tuesday with the pair closing the day flat at 1.326 This comes as no surprise considering the big ticket event in the calendar today. With the Fed releasing its statement at 19.00 UK time, we do not expect the pair to get clear direction earlier. At 1.328 at the time of writing, the bulls have taken the upper the hand this morning. For the bullish bias to be confirmed we have to see a consistent break above key resistance at 1.33. If the Fed decides to start tapering off in the next couple of months, this could be the catalyst to push the market through the 1.28 area. If that happens, we wouldn’t be surprised to see the EUR/USD moving even lower towards the 1.26 and ultimately 1.22 area in the near future.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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