EUR/USD outlook: Still looking moderately bullish
The biggest clue to the immediate future for the EUR/USD came in the aftermath of the FOMC; a 400 pip rally in a matter of a few hours told us a lot about market positioning and I think the path of least resistance for the EUR/USD is now higher.
The crosses are giving mixed signals, EUR/GBP is definitely bullish as is EUR/AUD but there is a possibility that the break above 1.4400 was a false one? EUR/JPY is trying to form a topping formation but if this pair can get back above 131.50 then the overall bullish case for EUR/USD will be looking a lot stronger.
Looks like a 1.30/1.33 range in EUR/USD and I’d suggest a dip-buying bias but keep a close eye on the crosses at all times.