EURUSD KEY TECHNICALS AHEAD OF THE FED

The EURUSD is currently trading bearishly in the short term, with the price below all short-term moving averages and also trading just under the daily and weekly pivot points, at 1.1210 and 1.1215.

However, the euro retains a medium-term bullish outlook, as the pair remains well above the 200 day moving average at 1.0760, and also trades above the calculated monthly pivot point at 1.1117.

Today's Federal Reserve meeting will hopefully add some much-needed direction to the EURUSD, with the pair currently trapped between the 1.1160 to 1.1284 range.

The upside could be explosive for the EURUSD past 1.1285, with the 1.1300 level the one to watch, stop loss triggering and the short covering above 1.1300 could easily see the pair trade to 1.1360 in a relatively short space, with 1.1410 the main objective.

To the downside, the former weekly low at 1.1166 becomes the first area of decent support for the EURUSD, with the monthly pivot point and May 30th low around the 1.1117 to 1.1109 next up.

Below the 1.1100 level, the drop looks relatively steep for the EURUSD, with the daily time frame 50 period moving average some way below at 1.1037, with the May 7th high adding extra support at 1.1020.