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Euro little changed ahead of FOMC

Wednesday, Sep 21 2016

There were no major data releases from Eurozone today. It just doesnt want to come out of its range unless it gets the all-clear from the Fed that they wouldnt be hiking this September. The pair is caught in the range between 1.1150 and 1.1200. The pair did try to make a run to the topside (just like the run to the downside on the day before) but it failed to clear the range top convincingly and fell back. It continues within the 50 pip range and the range seems to be getting tighter and tighter by the day increasing the anticipation for the FOMC statement and the movement (in either direction) after that.

As of this writing, the pair has fallen back to the bottom of its range and sits at 1.1150. The BOJ is expected to release its rate statement and have its press conference shortly and though it should not affect the Euro directly, it could increase the volatility in the market. The real market mover comes later in the day during the US session when the Fed releases its rate decision and the accompanying statement. A small part of the market continues to expect that the Fed would surprise the market and hike its rates and that remains to be seen and hence keenly anticipated.

 

Euro is currently being traded around 1.1170 level. Pair is likely to find support around 1.1130 level and resistance above 1.1220 handle.

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