None of the yesterday’s fundamental events led to notable price movements. In other words, the currency rate remained in a limbo between resistance at 1.1658 and support near 1.1610 that formed three days ago. The reason behind such weak reaction might be attributed to quite expected result of the FOMC meeting, which underlined solid economic growth, and anticipation of announcement of the next Fed Chair. Once this happens, the balance between bulls and bears will be distorted and the pair is likely to make a long awaited breakout. On the other hand, it already feels the pressure from the 55- and 100-hour SMAs, which are trying to push it towards the weekly PP at 1.1674. However, there are also signs of formation of a junior ascending channel. In that case, a rebound is expected to follow.
