Forex Chart Of The Day: EURUSD Key Levels To Watch Ahead Of FOMC…

The EURUSD price is ranging ahead of the FOMC meeting minutes. Will the price break out after the meeting and what levels should be considered?

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EURUSD Analysis

The price of EURUSD is ranging the past couple of days as we head into some very important data releases out of the US. Today the PPI m/m data came in well above expectations at 0.4% above the 0.2% forecast. This didn’t move the USD too much as investors are awaiting the FOMC Meeting Minutes. Recently Federal Reserve members have been outlining the need for the Fed to hike more aggressively as they see no slow down in the data that directly affects inflation. They have however seen a slow down in the labor market. 

The price has been ranging between 0.9770 and 0.9670. This 100 pips range could be broken on the announcement. If the Fed were to be seen as making aggressive hikes we could expect the price to trade lower and to the lows of 0.9550. Alternatively, if the Fed continues on their current path this could be seen as a negative and the price could trade through the highs and towards the resistance of 0.9900.

Did you see our GBPJPY Analysis? You can see it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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