EUR/USD Outlook: Anticipating Volatility Ahead of FOMC Meeting

After hitting a peak at 1.0750 last week, the currency pair is now trading nearly 100 pips below that peak today. All eyes are on the upcoming data from the United States, particularly the ADP, job openings, and PMI data, leading up to tonight's FOMC meeting. However, the real driver of volatility in the market is expected to be the FOMC press conference. If hawkish outcomes emerge from this meeting, the initial support for the pair would likely be around the 1.0600-1.0610 range. Below this level, testing the 1.0550 mark is probable. If prices fail to hold there, the next level to watch would be the 1.0490-1.0495 range. In the event of dovish statements, the first resistance above would be the 1.0670-1.0680 range, which previously served as support but turned into resistance upon breaking. Above this level, attention would shift to the 1.0760 peak, and if it breaks to the upside, the 1.0800 level, representing the 200-day moving average, would be monitored.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0800	1.0760	1.0670	1.0600	1.0550	1.0490