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On Monday, EUR / USD is trading in a very narrow range .....

Sep 16 2019, 04:07 PM (+06) | Fortfs.com

On Monday, EUR / USD is trading in a very narrow range amid the absence of important news in the US and EU economic calendar. This week, the FOMC meeting will be in the focus of the market at which a decision can be made on the next interest rat

On Monday, EUR / USD is trading in a very narrow range amid the absence of important news in the US and EU economic calendar.

This week, the FOMC meeting will be in the focus of the market at which a decision can be made on the next interest rate cut. In anticipation of this event, most investors are likely to take a wait and see attitude, which will negatively affect trading volatility. The dollar will be under moderate pressure, which creates good prerequisites for the further recovery of the EUR / USD pair.

Earlier, investors had expected that the differential in interest rates in the EU and the US would continue, but after the ECB meeting, the market situation changed slightly. Traders did not receive any signals from Mario Draghi about further rate cuts this year, while the Fed may make another 2-3 cuts before the end of the year. Confirm or refute these expectations can only Fed Chairman Jerome Powell, according to the FOMC meeting on Wednesday.

Today, geopolitical news and the situation on the debt market will have a major impact on trading.

On the chart, buyers continue to keep the price near the level of 1.1085, preparing the conditions for a new attempt to storm this mark. In this case, we can count on the continuation of the upward movement in the direction of the level of 1.1155.

Resistance levels: 1.1085, 1.1155, 1.1225.

· Support levels: 1.1065, 1.030, 1.0965.

The main scenario is a breakdown of resistance at 1.1085 and an increase to 1.1155.

An alternative scenario is a breakdown of support at 1.1065 and a decline to 1.1015.

A moderately positive fundamental background remains on the market. Bullish signals prevail on the chart. Short-term preference is given to longs that are worth looking for near the level of 1.1065.

 

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