27 Apr 2016
EUR/USD holding 1.1300 mark, FOMC key event risk
Although retraced from higher level on Tuesday, the EUR/USD pair continues to hold above 1.1300 handle and is now attempting a retest of 1.1315 resistance level.
The 1.1315 level resistance marks 23.6% Fibonacci retracement level of 1.0830-1.1465 up-swing. Ahead of the key Fed decision the pair seems unlikely to build on to its gains beyond this immediate resistance.
Technical levels to watch
Momentum above 1.1315 resistance should lift the pair towards an intermediate resistance near 1.1355-60 area before the pair makes a fresh attempt to retest a very important resistance near 1.1400 handle, representing recent daily closing high levels.
On the downside, weakness below 1.1300 mark seems to find immediate support near 1.1285-80 area. A break below this immediate support is likely to put 38.2% Fibonacci retracement level support near 1.1220-15 area back on test.
The 1.1315 level resistance marks 23.6% Fibonacci retracement level of 1.0830-1.1465 up-swing. Ahead of the key Fed decision the pair seems unlikely to build on to its gains beyond this immediate resistance.
Technical levels to watch
Momentum above 1.1315 resistance should lift the pair towards an intermediate resistance near 1.1355-60 area before the pair makes a fresh attempt to retest a very important resistance near 1.1400 handle, representing recent daily closing high levels.
On the downside, weakness below 1.1300 mark seems to find immediate support near 1.1285-80 area. A break below this immediate support is likely to put 38.2% Fibonacci retracement level support near 1.1220-15 area back on test.