EUR/USD traded within a narrow range during Asian session (1.3014 – 1.3041) today perhaps due to the Lunar Year celebration. The same could be expected for the rest of the week for Asia if no surprises hit the market. At the time of writing, euro spiked up to 1.5050 as German IFO was released. Market was expecting 107.6 but actual came out as 108.3 (last 107.3). But the spike was very short-lived as it pulled back to the comfortable 1.3020 – 1.3040 zone awaiting for the US FOMC rate decision. Economists expect no change from 0.25% but the risk may be that if the Fed is more dovish than what the market thinks, then you may see dollar selling in the pipeline. For the rest of London and New York session, we are still waiting for 1.3145 and support at 1.2983.
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