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The FOMC statement due out at 7pm (London time) will surely now act as a catalyst for the future direction of EUR/USD.
It’s not a question of whether the FOMC should scale back its current QE programme or not, but rather but if it will happen. And, while hawkish speculation has increased in the past few weeks, the prospect of a change in monetary policy at this juncture seems quite unlikely.
Meanwhile, it’s all looking very rosy for the German economy. An upbeat ZEW number yesterday and an optimistic 20-year high for the IFO business climate today both serve to put an upside spin on Q1 growth expectations for the eurozone’s economic powerhouse.
The trend is most certainly and technically in favour of euro upside bias.
A push through the trendline resistance from the 11 December highs puts the pair on a course to retest the 1.3833 levels. Conversely, any declines below the 1.3730 level could see a return to 1.3620/30.