EURUSD DIP BUYERS STILL RETAIN CONTROL ABOVE 1.1200

The EURUSD pair continues to retains it's recent bullish bias, as every move below the key 1.1200 level is met with strong dip-buying interest. However, the U.S interest rate decision and policy statement later today, will be the main factor influencing the EURUSD medium-term directional bias.

At present, the pair trades above the daily pivot point at 1.1210, as price continues to gravitate towards the calculated weekly pivot at 1.1215.

In the short term, the pair remains bullish above the 1.1200 level, with the H4 time frame 20 period moving average offering the strongest near-term support at 1.1203. Upside resistance comes from the most recent swing high at 1.1225.

Later today traders will also react to the release of U.S retail sales and U.S CPI data, with the U.S dollar index likely to be influenced as the better or worse than expected figures may impact on the Federal Reserves decision later today.