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EUR/USD eases to 1.2720

FXStreet (Edinburgh) - The shared currency is now losing its shine, dragging EUR/USD back to test the 1.2720 area amidst a broader consolidative pattern.

EUR/USD sidelined pre-FOMC

As usual when comes to the FOMC meeting, the sideline pattern prevails across the board in the FX space. The pair is no exception and keeps meandering between 1.2720 and 1.2750 ahead of the key event in the US economy. “We expect the Fed to end asset purchases as has been signalled by several members recently and we only see 30-40% likelihood of the Fed mentioning the possibility of QE4. We have changed our Fed first hike forecast from April to June next year due to the lower inflation outlook and slower growth outside US”, observed Anders Fischer, Analyst at Danske Bank.

EUR/USD relevant levels

The pair is now up 0.03% at 1.2739 facing the next resistance at 1.2765 (high Oct.28) followed by 1.2841 (high Oct.21) and then 1.2845 (high Oct.16). On the downside, a break below 1.2722 (10-d MA) would open the door to 1.2715 (200-h MA) and finally 1.2698 (21-d MA).

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