EUR/USD Clings to Daily Gains Near 1.1430, FOMC Eyed

Wednesday, 30 January 2019 17:02 WIB



The bid tone around the single currency remains well and sound so far this week, prompting EUR/USD to advance for the fourth consecutive session to the mid-1.1400s.

Spot is up for yet another session today while the greenback is prolonging the sideline theme in the lower bound of the weekly range, always below the critical 96.00 the figure.

Alternating risk appetite trends combined with a renewed offered bias around the greenback appears to be sustaining the current squeeze higher in the pair, which is now facing the critical resistance area near 1.1450, where sits the 100-day SMA.

Moving forward, all eyes will be on the FOMC event during the European evening, where Chief Powell is expected to deliver a somewhat cautious (even dovish) message amidst the ongoing more patient and flexible stance from the Federal Reserve.

In the data space, German Business Climate tracked by GfK improved to 10.8 for the month of February, while Import Prices contracted 1.3% during December, more than initially expected.

Source : FX Street


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