BNPP: EUR/USD Into FOMC - back to 1.10 on dovish Fed result

BNPP is expecting for Thursday’s FOMC statement to be in dovish way and as a result - the EUR/USD should come to 1.10 to be near 1.1088 reversal support level located inside Ichimoku cloud and below 200 day SMA in the ranging bearish area of the chart.

• "The pattern, if extended through Thursday’s Fed result, would bode well for EURUSD to trade back towards 1.10 and USDJPY to extend its recovery towards 123."
• "Still, we think risk-reward remains attractive for maintaining USD long exposure given our medium-term constructive view and light positioning."

For now - the price is located near and above 200 day SMA to be ready for the bullish trend to be continuing, or to be reversed to the primary bearish market condition with secodary ranging. If daily price crosses 1.1088 from above to below so we may see the reversal of the price movement to the primary bearish market condition.