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  • The EUR/USD’s daily chart shows an indecisive falling wedge breakout.
  • 1.15 is the level to beat for the bulls.
  • The Fed is expected to keep rates unchanged today and is seen setting the stage for a   December rate hike.

The EUR/USD closed at 1.1426 yesterday, confirming a falling wedge breakout.

That breakout, however, is looking indecisive, as the pair charted its way to bullish breakout via a doji candle.  

As a result, the EUR bulls have a new level to beat – 1.15 (previous day’s low). A close above that would confirm a bullish reversal. On the other hand,  the bears could make a strong comeback if today’s candle closes below 1.1395 (low of yesterday’s doji candle).

That said, a close below 1.1395 looks likely as the Fed-ECB monetary policy divergence is set to grow further in the near future. The Fed is likely to keep rates unchanged today and signal a December rate hike.

Even so, the  greenback may take a beating if the policy statement shows increased sensitivity to the recent drop in the stock markets.

EUR/USD Technical Levels

EUR/USD

Overview:
       Last Price:  1.1425
       Daily change:  -14  pips
       Daily change:  -0.122%
       Daily Open:  1.1439
Trends:
       Daily SMA20:  1.1449
       Daily SMA50:  1.1552
       Daily SMA100:  1.1584
       Daily SMA200:  1.1852
Levels:
       Daily High:  1.15
       Daily Low:  1.1395
       Weekly High:  1.1456
       Weekly Low:  1.1302
       Monthly High:  1.1625
       Monthly Low:  1.1302
       Daily Fibonacci 38.2%:  1.146
       Daily Fibonacci 61.8%:  1.1435
       Daily Pivot Point S1:  1.1389
       Daily Pivot Point S2:  1.1339
       Daily Pivot Point S3:  1.1284
       Daily Pivot Point R1:  1.1495
       Daily Pivot Point R2:  1.155
       Daily Pivot Point R3:  1.16