The key economic events will decide the pair's fortune this week. The Wednesday FOMC meeting will decide the pair's fortune. The Euro is trading at a 14-month low against the US dollar. The expectations of the US key interest rate hike supported the US dollar to fly higher. Last week, the pair managed to move up a bit to 1.2979 levels. Today the pair opened with a bearish note, opened higher at 1.2973 levels, until it breaches the high, sellers will mint the money. On the down side, the pair has a strong support zone between 1.2796-1.2746 levels.
Key support levels are 1.2764 (200MEma) and 1.2210 (200MSma)
The fresh sell-off will take place below 1.2750 towards 1.2660, 1.25 and 1.22 in the short term. The weekly key resistance is at 1.3020 and support is at 1.2840, below this, 1.2820, 1.2796 and 1.2750 levels.
Intraday cmp 1.2955
The pair has been facing strong resistance between 1.2978-1.2988, above it, descending trend line will act as a major resistance level (1.3020). The support levels are at 1.2943 (12EMA) and 1.29 (35DEMA). The selling pressure will pin below 1.29 and panic will create below 1.2859 towards 1.2840, 1.2820 and 1.2796, maybe even 1.2750 levels.
The material has been provided by InstaForex Company - www.instaforex.com
