EURUSD DIRECTION DEFINED BY RANGE BREAK
The euro continues to trade in range-bound conditions against the U.S dollar, following the FOMC policy decision, with price-action currently searching for a directional bias between the 1.2385 and 1.2432 levels. The EURUSD pair is still well supported above the 1.2400 level in early Thursday trading, despite a better than expected U.S ADP Job Report and the Federal Reserve striking a positive tone in yesterday’s policy statement release. Moving into the European session, EURUSD traders await a clear range-break and a raft of January Manufacturing PMI data being released from across the eurozone.
The EURUSD pair remains strong bullish above the 1.2432 level, further upside towards 1.2470 and 1.2538 would then seem possible.
Should the EURUSD pair fall below the 1.2385 level, sellers will likely try to test towards the 1.2355 and 1.2280 support levels.