EURUSD is trading just above 1.05. For the last couple of sessions price has not made much progress to either direction. As we mentioned in Monday's analysis, traders are waiting on the sidelines for the Wednesday's FOMC. Market most probably will remain silent and volatility will pick up after the meeting.
EURUSD is well below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Resistance by the tenkan-sen is at 1.07 and current market conditions justify a bounce towards that level at least. Next resistance is at 1.0828 where we find the kijun-sen. The Kumo (cloud) is at 1.10-1.1150. As long as price is below this level, Daily trend will be vulnerable to the downside.
