The EUR/USD pair has been moving sideways since the 21st of January 2016, with the price oscillating between the levels of 1.0900 and 1.0790.
The major initially fell on Monday, but found enough support near the 1.0823 level to push the price to the upside and form a hammer. Today, the pair kept rising, testing the highs of 1.0912, but soon retraced to the downside, in anticipation of the Fed’s policy statement. In the event that the sellers keep exerting strong pressures and the price breaks below 1.0853, profit targets could be set at 1.0829 and 1.0814 respectively.
On the flip side, in the scenario where the buyers manage to regain momentum and succeed in breaking above the high of 1.0912, the price could escalate up to 1.0939 and 1.0976 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.