EUR/USD Pre-FOMC Analysis: Key Levels, German Data Impact, and Market Outlook

Yesterday, the EUR/USD forex pair encountered some selling pressure after the release of German inflation data but managed to recover before the session ended. While today's announcement of German growth data and Eurozone inflation figures holds significance, attention is primarily on tomorrow's FOMC meeting and subsequent statements, which are expected to prompt significant market movements. To see an upward movement post-announcement, the pair must first breach the 1.0752-1.0760 range. A bullish momentum beyond this level could push the price towards the 1.0790-1.0800 range, representing the 200-day moving average, and potentially up to the 1.0870-1.0880 range, the previous peak. Conversely, for a downward movement, the pair must first break the 1.0670-1.0675 range, followed by monitoring the 1.0600-1.0610 range, with 1.0560 emerging as the subsequent target if breached.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0870	1.0800	1.0760	1.0670	1.0600	1.0560