- SWFX market sentiment is 52% bullish today
- Pending orders in the 100-pip range are set to sell in 56% of cases
- Federal Funds Rate at 18:00 GMT
The EUR/USD touched the 1.1790 level once more. Although, the rate has once more retreated, as it dropped down to the 55 and 100-hour simple moving average. In general it is expected that the rate will trade sideways until the Federal Funds rate at 18:00 GMT is published.
There haven't been notable data releases affecting the EUR/USD for more than a week now. The previous one was the US Retail Sales release on September 14th. Due to that reason macroeconomic data traders have been more concentrating on other pairs.
All attention on Federal Funds rate at 18:00 GMT
Today will be the most important day of the week for data releases.
The weekly US Crude Oil Inventories will be published at 14:30 GMT. The cover webinar for the release, will start as usual at 14:20 GMT.
Meanwhile, the most important data release will be the release of the US Federal Funds Rate. The Federal Reserve is expected to hike their interest rate to 2.25% from 2.00% at 18:00 GMT. The event will be also covered by Dukascopy Analytics live on the bank's webinar platform.
EUR/USD short term review
In regards to the near future, the rate should break the resistance of the monthly R1 at the 1.1765 due to support of the 55-hour and the 100-hour SMAs. It is expected that the rate will trade near the weekly R1 at the 1.1830 on Wednesday.On the other hand, a lot of significant fundamental news will be released during the day, which might break most of the technical indicators.
Hourly Chart
The large scale ascending pattern, which was discovered on September 11, has pushed the currency rate higher. It can be expected that this pattern will continue to guide the currency exchange rate up to the 1.1900 mark.
Daily chart
Before the announcement of the Federal Funds rate, 52% of trader open positions on the Swiss Foreign Exchange were long on Wednesday morning.
Meanwhile, all of the traders on SWFX have prepared pending trade orders, which might be executed in certain situations. All the take profits, stop losses, sell and buy orders were set to sell in 54% of all cases.
The almost neutral sentiments are revealing that traders are staying almost neutral prior to the large fundamental announcement in the form of the Federal Funds rate.
However, there is a slight dominance of the sell orders in the pending orders. That indicates that the retail sector might provide additional momentum to the downside by opening short positions and closing long positions.
Spreads (avg, pip) / Trading volume / Volatility