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EUR/USD stands sidelined ahead of the Fed - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the direction for EUR/USD in the nearest future depends on the outcome of the Fed's monetary policy meeting.

Key quotes

"The EUR/USD stands sidelined ever since Tuesday’s American session with traders holding their breath ahead of the FED."

"Having regained the 1.2700 figure after the worse than expected US Durable Goods Orders yesterday, the short term picture presents a mild positive tone, with price above 100 and 200 SMAs, and hovering around 20 one, albeit indicators are again flat in neutral territory."

"In the 4 hours chart price develops above a bullish 20 SMA, while indicators turn lower but hold above their midlines."

"Things today will be purely data dependant, with a disappointing decision for the FED probably sending the pair up to 1.2790 and above, and a hawkish Central Bank favoring dollar gains towards 1.2660 price zone."

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