The Euro continues to rise as the greenback weakens ahead of today’s FOMC meeting. The greenback is currently in bearish territory as investors price in changes in the Fed’s interest rate plan for 2019. The Euro was also supported by internal positivity as several news outlets reported that the Italian government and the European Commission agreed on the terms of Italy’s 2019 budget plan. For today, the main focus and the main driver of the Single currency will be the FOMC meeting, and more specifically, Fed Powell’s FOMC speech.
The Euro breaks above the 1.1384 resistance signaling a rise towards the next key resistance level at 1.1430. The break above the 1.1384 resistance also coincides with the break above the 200-period moving average. The break above the 200-period moving average indicates a shift in the pair's directional bias. Adding to the bullish momentum, the 13-period moving average crossed above the 50-period moving average.
Support: 1.1349 / 1.1265
Resistance: 1.1384 / 1.1430