EUR/USD attempts to consolidate below 1.1050

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The data has been consistently negative since the Fed's last meeting. That combined with oil prices and the risk of inflation in the future is collectively going to discourage the Fed from being overly hawkish."
- BK Asset Management (based on WBP Online)

Pair's Outlook

EUR/USD treaded water during the session on Tuesday. The range of trading did not exceed 50 pips, while important US fundamentals failed to provide this currency pair with any momentum. Bears want to push the cross below monthly S1 at 1.1022, but they will have to overcome the long term downtrend at first. As the US is heading towards FOMC meeting later on Wednesday, EUR/USD will most likely remain vulnerable to any influential events. In case more members decide to vote for a rate hike, we may see the cross trading below 1.10. Meanwhile, daily indicators prefer to stay neutral at the moment.

Traders' Sentiment

SWFX sentiment is 51% bullish on Wednesday, while 60% of pending orders in 100-pip range from the spot are set to sell the Euro.

© Dukascopy Bank SA
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