FX.co ★ Technical analysis and trading recommendation for EUR/USD for April 29, 2015

Soft US data pushed the euro higher against the US dollar. The pair has been extending its upward rally for the third consecutive week. The pair has the strong support zone between 1.1035 and 1.1055 6. In case the price managed to get above the supply zone, bulls can challenge 1.1100-1.1110 the FE and 1.1245. Ahead of today's FOMC meeting, the euro is trading lower against USD at the Asian session. The pair was unable to breach the previous day's high of 1.0990, 100.0FE. The pair managed to close above 20&50dsma, but bullish crossover is not available yet. Data still favor bears in the longer term. If the Federal Reserve hints that the interest rate hike is possible, that will be the peak of the pair. Currently, bulls have the upper hand. Today, we can expect wild moves; strong resistance is seen at 1.1055. Big spikes will be generated in case the price manages to breach the supply zone towards 1.1300 and 1.1330 100Dsma and 100Dema respectively.

Intarday view: The euro is trading at 1.0970 against US dollar. The pair has initial support finds at 1.0960 four-hour low. Below 1.0960 the pair has intraday support found between 1.0925 and 1.0920. We recommend selling below 1.0925 with targets at 1.0900, 1.0880 50Dsma, 1.0850 and 1.0825. The make or break level is found at 1.0820 34hrsma. In case the price breaks below 34hrsma, bears can extend their journey towards 1.0780, 1.0700 and 1.0660. The current uptrend will be erased in case the price breaks below the double bottom at 1.0660 in the four-hour chart. Traders are expecting dovish statement after FOMC meeting which are likely to depress USD. In this case, we recommend buying above 1.0990 with the targets 1.1035, 1.1050, 1.1090, 1.1120, 1.1200 and 1.1230. The strong supply zone finds at 1.1055. Above 1.1055, the 100.00FE finds at 1.1110 and 1.1240 20Wsma are the strong hurdles for the bulls. In the past five occasions, the RSI 70 level rejected the pair. Currently, the RSI is found at the level of 70.

Trade: Buying above 1.0990