We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your market update from @ddubrovskyFX here: https://t.co/XeIlexZOck https://t.co/rLYsiRLvWJ
  • What's fueling the current rally? Read more - https://t.co/OB1lCFAZLq
  • $EURUSD Daily Pivot Points: S3: 1.1022 S2: 1.1075 S1: 1.1104 R1: 1.1157 R2: 1.1182 R3: 1.1236 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Among the risk-leaning assets I usually follow, the Yen crosses are proving to be one of the most impressive categories for pace. The $EURJPY stepped on the gas today https://t.co/BYW7vQ7O2G
  • We may see more near-term US #Dollar weakness after my majors-based #USD index (averages it vs #EUR, #JPY, #GBP, #AUD) broke and confirmed the descent through key resistance (1.3213 - 1.3260) as the Greenback faces what may be its cheapest average price since early March https://t.co/pW0cfnc7uS
  • USD/JPY has been a mystery as it has moved basically nowhere of recent despite other USD pairs making sizable moves. Get your $USDJPY technical analysis from @PaulRobinsonFX here: https://t.co/zMLMseWHCi https://t.co/j8azqjhtTL
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.47% 🇳🇿NZD: 1.25% 🇬🇧GBP: 0.48% 🇪🇺EUR: 0.30% 🇨🇭CHF: -0.17% 🇯🇵JPY: -1.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BxRolsnex3
  • Talk about a disconnect between Main Street and Wall Street. Seems like markets are pricing in an expectation of a V-shaped recovery. Wonder when reality will hit 🤔 https://t.co/Y8woCzT8kN
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.29% Gold: -0.73% Silver: -1.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rsa9fXyvQe
  • $USDJPY Daily Pivot Points: S3: 106.83 S2: 107.22 S1: 107.44 R1: 107.82 R2: 107.99 R3: 108.37 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
EUR/USD FOMC Technical Forecast

EUR/USD FOMC Technical Forecast

2016-12-14 12:42:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

The EUR/USD is setting up for a potential breakout, with today’s FOMC rate decision on the way. It is widely anticipated that the FED will increase the Fed Funds rate by 0.25%, causing volatility in US Dollar pairs. While a raise in rates is typically seen as bullish, many traders see that a lack of forward guidance may actually see the US Dollar declining.

Technically, regardless of the event outcome, the EUR/USD has the potential for a large market breakout. The pair has now been trading inside of a defined range for the better part of a month. This range, as displayed below, has been identified as the area beneath the monthly high of 1.0873 and the monthly low of 1.0503. Traders may continue to monitor these values throughout today’s FOMC event to gauge the markets chosen direction.

EUR/USD Daily Chart and Range

EUR/USD FOMC Technical Forecast

(Created Using TradingView Charts)

What’s next for the US Dollar? Read Our Dollar Market Forecast HERE

Key intraday values to remember include today’s R4 pivot found at 1.0659. This area marks the last point of short term resistance, and a move beyond this value may suggest a bull run in the EUR/USD. Alternatively, bearish intraday breakouts may begin beneath 1.0589. If the EUR/USD trades below this point, the pair will be well on its way to test the previously mentioned value of daily support.

In the event that the EUR/USD continues to consolidate, traders should monitor both the R3 and S3 pivots. These final values of support and resistance make up todays 34 pip range, and are found at 1.0641 and 1.0607 respectfully.

US Dollar 30 Minute Chart and Pivots

EUR/USD FOMC Technical Forecast

(Created Using TradingView Charts)

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at hisBio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.