Sun, Dec 04, 2022 @ 15:56 GMT
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Technical Outlook: EURUSD Is Holding In Directionless Mode Ahead Of Fed

Near-term directionless mode extends in the third straight day, with EURUSD pair holding within 1.1620/80 range, awaiting conclusions from FOMC two-day meeting which ends on Wednesday.

The Euro regained traction and moved higher in Asia, after being in red on Monday, deflated by short recovery of the dollar.

No clear near-term direction signals seen while the pair is holding within the current range.

Overall bulls look for final push towards key barriers at 1.1713/35 but weighed by overbought daily studies (no bearish signal for now).

Pivotal supports at 1.1620/00 (range floor / Fibo 38.2% of 1.1479/1.1684 upleg) stay intact for now and break here is needed to generate bearish signal for correction.

At the upside, tops at 1.1682/84 and round-figure 1.1700 barrier, guard upper triggers at 1.1713/35, break of which would spark significant upside action.

Fed’s post-meeting tone is expected to give firmer signals for near-term direction.

Res: 1.1668, 1.1684, 1.1700, 1.1713
Sup: 1.1620, 1.1600, 1.1580, 1.1557

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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