EUR/USD Daily Forecast – 16 March

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Tuesday, Mar 15 2016

It was an overall steadier session for euro yesterday, going back and forth with resistance above 1.1130 level and support around 1.1070 area. This is is mostly result of traders being cautious ahead of tomorrow's FOMC rate decision, but also, after huge incline last week it does not come as a surprise for a pair to consolidate a bit. With no major data releases from Eurozone tomorrow focus will be on US figures and in particularly FOMC. Pair is likely to find some amount of support around 1.10, initially, and 1.0950 in extension, while area around 1.12 level, should offer some amount of resistance as this area is seen as a recent consolidation top, but in a case of dovish stanzas we do not exclude break above 1.1250 area.

On a long-term basis, as long as we are above 1.10 handle we would be interested in buying the pair but we would first like to see outcome of FOMC Meeting before placing any larger bids.

More in this category: « GBP/USD Daily Forecast – 16 March AUD/USD Daily Forecast – 17 March »

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