EUR/USD Technical Analysis

• EUR/USD is ranging
• The price has completed a retracement
• It is at 88.6 support
• Double pinbar rejection could spark a move up

H4 CHART EUR/USD

1. The bottom of the swing
2. Retracement/Pullback
3. 88.6 Zone Support
4. Double Pinbar bounce

The EUR/USD is ranging. Today is FOMC, so we need to be careful. The pair has retraced to 88.6 and there it made a bounce towards the 78.6, next retracement level. What bulls are expecting is the continuation of the bullish move which could be also seen as the double pin bar formation but it will depend on the FOMC. Pure technical analysis implies a bounce towards 1.1760 and 1.1790 zone. Bears will only get momentum below 1.1680. Watch for the FOMC report and if you are in a long position, manage it accordingly.