The US dollar pared losses following yesterday’s dovish FOMC meeting, with the EUR/USD easing back below 1.14 handle after almost reaching 1.1450 the day before. This popular currency pair has now reached the point of origin of yesterday’s breakout at around 1.1360/65. With US yields falling, we think there is a good chance the EUR/USD could bounce from around this area. Notice also that this area also converges with the broken trend line. If the bulls step in here, then rates could push towards yesterday’s high with 1.1450 being the main short term objective. However, if the EUR/USD goes on to break below yesterday’s low at 1.1330/35 area then this would be a bearish outcome.
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