EUR/USD stable after US macros, before Fed

Even though the most traded FX cross was little changed on Tuesday, trading volume surged to one of the highest levels in about 30 days. EUR/USD is awaiting the scheduled FOMC rate decision later today, while being supported by the cluster at 1.1062/21. This zone is exposed to bearish risks today, in case Janet Yellen releases a more hawkish statement than expected. Although, there is another support in face of the 55-day SMA at 1.0991, and only consolidation under here will neutralise our mid-term positive outlook. Meanwhile, the bulls keep aiming at the monthly R1/upper Bollinger band near 1.1230.

Judging from the present distribution between the long (42%) and short (58%) positions in the SWFX market, development has been negative over the past 24 hours.