FxWirePro: EUR/USD hits 9 –day high, market awaits US Fed monetary policy

• EUR/USD hits 9 day high after breaking psychological resistance at 1.2000 and jumped till 1.20216 at the time of writing. It has formed a temporary bottom around 1.18230 low made on Aug 31st 2017. It is currently trading around 1.2010.
   
• Market awaits US Fed monetary policy for further direction. Fed is expected to keep its interest rates unchanged but investors will look for signals for normalization of balance sheet. The central bank will announce the plan for unwinding its $45 tn bond portfolio.
   
• The pair is facing strong psychological resistance at 1.200 and any convincing break above will take the pair to next level till 1.2050/1.20925 (Sep 8th 2017 high). Bullish continuation can be seen only above 1.20925.
   
• On the lower side, near term intraday support is around 1.1850 (trend line joining 1.13400 and 1.13705) and any break below will drag the pair down till 1.18230 (Aug 31st 2017 low)/1.1800.
   
• The major resistance is around 1.2100 and any break above confirms bullish continuation, a jump till 1.2200.

It is good to buy on dips around 1.2000 with SL around 1.1945 for the TP 1.20925/1.2200.