EUR/USD: Buyers maintain near-term bullish bias as focus turns to FOMC meeting

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Price continues to hold above the 100-hour MA


We’re pretty much in a similar situation to yesterday, except for the fact that the 100-hour MA (red line) has shifted higher. The focus in trading for EUR/USD this week has been the FOMC meeting to come later in the day and since then price has been trading in a range between the 100-hour MA and the 1.1800 handle for the most part.
Ahead of the Fed later, expect the same range to hold out. The focus is now on whether or not the Fed will signal any hints of a December rate hike. But the other thing to look out for is Treasury yields. If the Fed disappoints and yields start slipping back lower, that will take away a key supportive factor for the dollar and will exacerbate the fall.
If the Fed does disappoint, expect the squeeze higher in the pair to be a sharp one given the positioning in the dollar (against the euro) over the past few months. In the meantime, EUR/USD is very much playing ping pong between the two levels mentioned above.
Support— 1.1758 (100-hour MA)- 1.1725-30 (swing region)- 1.1715 (200-hour MA)- 1.1700 (bids, swing region)- 1.1659 (100-day MA)
Resistance— 1.1800-10 (offers, swing region)- 1.1830-50 (June highs)- 1.1900 (offers)- 1.1915-30 (swing region)- 1.1946 (200-day MA)



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