Economic sentiment in the Euro Area and Germany turned higher in March, according to the latest ZEW report, but Wednesday’s FOMC meeting will dictate the next EUR/USD move.
EUR/USD currently trades around 1.0845 and along with a range of other currency pairs and asset classes, is waiting for the latest FED decision tomorrow. The post-announcement commentary will need to be closely noted, as will the Fed’s new ‘dot plot’ to see member’s latest interest rate forecasts.
EUR/USD has broken below recent trend support and is sitting on the 200-day sma after breaking below the 20- and 50-day smas. Next support is seen at 1.0787. The CCI indicator shows EUR/USD as neutral to slightly oversold.Retail trader data shows 54.47% of traders are net-long with the ratio of traders long to short at 1.20 to 1.The number of traders net-long is 0.56% higher than yesterday and 40.55% higher than last week, while the number of traders net-short is 1.
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