|S1: 1.1875||R1: 1.2000|
|S2: 1.1750||R2: 1.2075|
|S3: 1.1460||R3: 1.2250|
The EURUSD has had a modest open to the week tracking slightly higher in the first 24 hours of trading. This pair will most likely meander around the current levels, with traders waiting with anticipation for the FOMC press conference on Thursday night followed by the ECB President Draghi press conference to offer some direction.
The daily stochastic backs up the unenthusiastic start to the week, hovering in the middle of the band. The 1-hour chart shows price creeping closer to last week’s broken trend line, where it is likely to find some resistance. The projected zone also intersects with the first resistance line at the 1.2000 level, which may contribute to potential weakness in the coming days.
This week is dominated by the major press conferences on Thursday night, kicked off by the FOMC who are expected to announce a starting date for the unwinding of QE. The Fed Funds Rate announcement also on Thursday night may help give the EURUSD some direction if there is any deviation from the expected 1.25%.