The EURUSD has been trading in narrow range over the last week.  The pair has found support around 1.2480 and resistance between 1.2560/90.  The range could break tomorrow.  With the announcement of any sort of balance sheet increase the EURUSD could slice above the top of the triangle and move up to test the 1.2750 area in upcoming days.  If the Fed remains on the sidelines and no hints of monetary policy are implied the EURUSD could push down towards the 1.2380/00 zone.  An in between statement could lead to a test of the top of the range around 1.26.

Sup  1.2480                 1.23

Res  1.2560/90         1.2750


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