Today at 18:00 GMT we’ll have the latest Federal Reserve interest rate decision’s meeting before US elections due on next week. Markets had been pricing a possible rate hike by the central bank in December’s meeting, as the odds are still higher. However, recent Clinton and Trump’s headlines have been driving the moves in the US dollar across the board, meaning that is highly likely today’s meeting won’t be a huge market mover. However, traders will be looking for hints about the current situation of the Federal Reserve and it’s willingness to raise rates or not in December.
Our technical view for EUR/USD at H4 chart is still bearish, despite the massive buying that the pair had been riding during the week. Currently, it’s expected to make a small pullback around 1.1056, where it can test the support level of 1.0992. However, EUR/USD could test the bearish trend line before to take a decisive move. In the scenario that the Fed doesn’t bring clear hints for a possible hike in December, the pair may cling up to reach the resistance level of 1.1137, which is above the 200 SMA.
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Origin: FX BAZOOKA
