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Forex: EUR/USD toying with 1.2950, FOMC eyed

FXstreet.com (Barcelona) - The bloc currency is trapped around 1.2950 on Wednesday, ahead of the FOMC meeting due later.

“The FOMC concludes its two day meeting tonight and will release its revised economic forecasts as well. FOMC’s tone should suggest that there will not be any imminent changes to the pace of QE, and we do not expect any huge deviations from the previous economic forecasts”, comments Lee Hardman, Currency Analyst at BTMU.

EUR/USD is up 0.65% at 1.2953 facing the next hurdle at 1.2973 (high Mar.20) ahead of 1.2980 (MA200h) and finally 1.3046 (MA21d).
On the flip side, a break below 1.2900 (intraday support) would expose 1.2844 (low Mar.19) en route to 1.2827 (low Nov.22).

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