FXStreet (Córdoba) - The EUR/USD has kept moving slowly but steadily higher throughout the European session, extending to fresh daily highs after a positive opening in Wall Street as investors await the Federal Reserve policy decision.
Even though no surprises are expected, investors will be watching a new set of forecasts for unemployment, inflation, economic growth and the benchmark federal funds rate looking for any sign of when the central bank plans to start a hiking cycle.
The EUR/USD has reached a peak of 1.3578 at the New York opening, having already erased yesterday’s losses. At time of writing the pair is trading at 1.3570, up 0.18% on the day.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet noted that rangebound trade might prevail over the next few hours ahead of the FOMC statement, with a break above 1.3580 favoring a run towards 1.3640/5, and a break lower pointing for a test of 1.3476, 2014 low.
Bednarik locates next resistances levels at 1.3580, 1.3645 and 1.3675, while she places supports at 1.3510, 1.3475 and 1.3440.