EUR/USD & December’s Fed Meeting: A rate hike is coming finally…

EuroUSDToday is the D-Day for the Federal Reserve, as the central bank will meet to take an interest rate decision and markets had been pricing a rate hike by approximately 25 basis points, according to latest analysts’ surveys. Also, Fed Watch’s tool has a near 100% of chances for a rise un the interest rates, which should also help to fuel the US dollar across the board, despite the higher expectations about that hike. In the worst-case scenario, the Fed can keep on hold the rates.

Our technical analysis for EUR/USD at H4 chart is showing a very clear bearish structure ahead of the meeting, but with a strong demand zone placed around 1.0538. If the pair manages to rebound above that area, which is unlikely to happen with a rate hike, we could expect a testing of the 200 SMA around 1.0769. In the most-expected scenario, EUR/USD can attempt a breakout below 1.0538, in order to reach the support level of 1.0404.

Origin: FX BAZOOKA

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