Traders will eye tomorrow's Federal meeting. The central bank is virtually assured to cut its bond-buying program is meant to keep interest rates low by another $10 billion, to $45 billion a month. The pair has been in an uptrend from 1.2426 levels. It is facing strong resistance levels at 200EMA and 38.2 fib level. Currently, the trading pattern is set up between 1.2524-1.2570 levels. On the higher side, if the pair is trading above the 1.2570, it will push up to 1.2594, 1.2617 and 1.2626 levels. The key levels for the bulls are at 1.2594 and 1.2626. Until it trades below this level, please don't carry heavy positions. The RSI in the daily chart indicates the buy on dip strategy. On the lower side, if the pair breaks the 1.2524 levels, it will drift all the way towards 1.25, 1.2461 and 1.24 levels. The last week's high at 1.2571 is the crucial level for this week. If the pair crosses the 1.2571, it will fly up to 1.259, 1.26 and 1.2626 levels.
For intraday basis, the pair is facing strong resistance levels at 200EMa in H4 chart and taking support at 1.2524 (50SMA). On the upside, the pair has a rough road at 1.2571, 1.2579 and 1.2583 levels.
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