It’s all about the FOMC announcement today for EUR/USD. Economists at ING note that the pair could suffer further losses on a break under the 0.98 level.

Eyeing 0.9800

“We see downside risks for the pair into the weekend.” 

“The 0.9800 level may prove quite pivotal, as this was an important anchor before last week’s upside correction.”

“A break below 0.9800 before the end of the week would likely imply markets defaulting to the pre-correction levels, and signal a return to a more structural bearish tone on the pair, which could unlock further downside room.”