EUR/USD, EUR/JPY and USD/JPY outlook ahead of plethora of central bank meetings - IG

​​​EUR/USD muted ahead of Fed and ECB rate decisions

EUR/USD’s reversal off Wednesday’s four-month high at $1.1017 on softer eurozone inflation, which brought forward European Central Bank (ECB) rate cut expectations, took the cross to last week’s low at $1.0724.

It is now hovering above this low in low volume trading ahead of Wednesday’s Federal Open Market Committee (FOMC) and Thursday’s ECB meetings.

​A fall through $1.0724 would engage the 55-day simple moving average (SMA) and late October high at $1.0695 whereas a rise above Friday’s high at $1.08, Thursday’s high and the 200-day SMA at $1.0817 to $1.0825. Further up the 22 November-low at $1.0853 may also act as resistance, were it to be reached at all.

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2023-12-11 11:46:32Z
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