Current trend

Yesterday, the EUR/USD pair strengthened and continued growing today amid weak statistic for key economic sectors from the US.

Pressure on the pair is increasing as investors are waiting for the Fed decision on interest ratesin the US. However, markets do not seem to be expecting the rate to be hiked this evening.

There are no important publications from the eurozone today. Attention needs to be paid to the data from the US on the labour market, construction sector and Philadelphia manufacturing index. However, the key eventsfor today are the Fed Interest Rate Decision, its Press Conference and the FOMC Economic Projections.

Support and resistance

Today the price broke out the key resistance level at 1.1315. Most likely, the pair has overcome the upper border of a descending channel and consolidated in a narrow ascending channel. In the medium-term, a growth towards 1.1510, 1.1540 is expected.

Indicators signal purchases.

Support levels: 1.1315, 1.1280, 1.1245, 1.1190, 1.1135, 1.1075, 1.1020, 1.0920, 1.0860.

Resistance levels: 1.1385, 1.1450, 1.1510, 1.1540, 1.1600, 1.1660, 1.1700.

Trading tips

Openlongpositionsfromthelevelsof1.1280, 1.1245 with targets at 1.1400 (short-term), 1.1510, 1.1540 (medium-term) and stop-loss at 1.1170.

EUR/USD: Dollar is falling prior to Fed decision

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