Is anybody else getting a bit bored of the 1.13-1.14 range in this pair?
The pair continues to sit in its comfort zone of between 1.1300 and 1.1400 this week and the upper boundary is helping to limit gains so far as evident by yesterday’s trading. That will remain a key resistance level in the session today as traders await the Fed decision and Powell’s press conference to come later.
Besides the 1.1400 handle, there is also decent swing region resistance lurking just above at 1.1410-20 for sellers to lean on further in any case so I reckon that will keep price action contained ahead of the key event in trading today.
Right now, price is running up to a high of 1.1395 and is approaching the 1.1400 handle again. The dollar remains weak across the board but the euro’s run higher also owes to some good news from Italy as BTPs are surging following the report overnight that the European Commission has accepted Italy’s budget deficit plan.
However, it’s all about the Fed today so as mentioned above, keep an eye out on those key resistance levels ahead of the meeting decision as they will serve as levels for sellers to lean on and limit gains in the build up.