EUR/USD Down Ahead Of The European Inflation Report And FOMC Decision
Capitol Academy | Dec 17, 2014 03:42AM ET
US Dollar came under selling pressure ahead of today Federal Reserve monetary policy meeting decision and Fed Chair Janet Yellen press conference. . The Fed is expected to show more hawkish tone as pressure building around interest rate hike in U.S.
EUR/USD pair reached yesterday $1.2569 but failed to close above the trigger candle at $1.2500-level. Today traders may stay cautious ahead of the Fed important two day’s monetary meeting. If the Fed will sound more hawkish it should be taken as dollar positive while the opposite may send the EUR/USD back to $1.2700-area.
Despite the pair recent rally, fundamentals are still in favor for the greenback, so any rally will be capped since the main outlook of the pair remains bearish.
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