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    EUR/USD ticks higher after Fed meeting

    © Dukascopy Bank SA
    "The Fed is really in a wait-and-see mode. They want to see if everything in the global economy and financial markets is really going to bleed through and affect inflation and their outlook for the economy."
    - Moody's Analytics (based on Bloomberg)

    Pair's Outlook
    A dense and difficult resistance cluster ahead of the spot makes the mid-term bearish scenario much more likely than the bullish one. Short-term volatility can be positive for the Euro, with gains having a chance to be extended up to Dec-Jan downtrend and 100-day SMA at 1.0954/75. If it gets no correction from here, then EUR/USD will be estimated to fail near 200-day SMA at 1.1053. Bears are determined to retake a Dec-Jan uptrend around 1.0840, followed by current January lows near 1.0715. A long-term focus is on the Dec low at 1.0521, as assumed by aggregate weekly/monthly indicators. 

    Traders' Sentiment
    SWFX bears remain in the majority of 55% for open positions. At the same time, 50-pip pending orders surged yesterday from 47% to 57% and are now expecting gains for the Euro.

    © Dukascopy Bank SA

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