Technical Analysis: EURUSD traders have a tough road to the north ahead of Fed
Although Joe Biden's nearness to the US presidency weighs on the US dollar off-late, multiple upside barriers probe the EURUSD bulls ahead of the Federal Reserve's (Fed) monetary policy meeting. Among them, a 200-bar SMA level of 1.1745 can offer immediate resistance ahead of the 1.1765 confluence including the previous support line from September 25 as well as a two-week-old descending resistance line. Also challenging the buyers is the early October tops near 1.1830 and the previous monthly top close to the 1.1875/80.
Considering the anticipated dovish comments from Fed Chair Jerome Powell & Company, coupled with sluggish MACD, sellers are hopeful to revisit the 1.1700 threshold. However, a horizontal area comprising lows marked on September 25, also on Monday, offers strong support near 1.1620/10 to restrict the quote's downside past-1.1700. If at all the Fed defies market expectations of no rate change with a surprise rate cut, odds of witnessing a fall towards the June high of 1.1421 can't be ruled out.