EURUSD which started from 1.1180 level after moving its upward rising to 1.1411 level recorded significant retreats after the Fed. We are looking for the answer to the question whether this withdrawal is a new sales opportunity or in-trend response. Levels 1,1268 and 1,1323 are important at this stage. ADP Non-Farm Employment Change and ISM Non-Manufacturing PMI data coming from the US during the day can be followed for the answer to this question.
Main scenario: If EURUSD parity breaks 1.1268 level downward, the positive expectation is expected to end and the negative outlook to gain confirmation. With this in mind, the withdrawal towards the 1.1235 and 1.1180 supports can be traced. The downward break of the 1.1180 level could further deepen sales pressure.
Alternative scenario: If EURUSD parity goes up to 1.1323 level, the reaction selling idea may end and the positive trend expectation may wish to continue where it left off. With this idea, the rising towards the 1.1357 and 1.1410 resistance points can be monitored. The upward crossing of 1.1410 may deepen the buying pressure.
Pivot: 1,1268 – 1,1323
Support: 1,1268 – 1,1235 – 1,1180
Resistance: 1,1323 – 1,1357 – 1,1410