EUR/USD: Playing A Pushmi-Pullyu Waiting for the Fed

FX_IDC:USDEUR   U.S. Dollar / Euro
Today it’s all about waiting again. The key event of the week is the Fed decision on monetary policy .
This Central Bank’s decision will be quite a significant one. Of course, it’s almost for sure the Fed will keep its monetary policy on-hold. But, there may be some announcements on the trimming of the massive balance sheet stored up during the last 10 years.
Yesterday, EUR/USD ended the day a few pips below the 1.2000 threshold on the news that the ECB may delay decisions on QE tapering. Someone may think that the regulator wants to keep the currency below the 1.2000 mark, as it had already happened earlier in the month.
The pair is still ready to go further, and strong resistance at 1.20 may be broken with a help of really strong trigger. For today, all the hopes are on the FED – more dovish comments on the monetary policy or less optimistic assessment of US economy outlook may help to confirm the breakout and go higher. Under this scenario, EUR/USD may test 1.2100 level.


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