EUR/USD supported at 1.1260, EZ CPI eyed

Having peaked near 1.1285 region post-BOJ policy decision, the EUR/USD pair drifted slightly lower to now waver above 1.1260 support.

EUR/USD supported on USD weakness

Currently, EUR/USD trades +0.09% higher at 1.1270, easing-off session highs scored at 1.1286 in mid-Asia.  The recovery from post-FOMC lows regained momentum over the last hours, driving EUR/USD back towards 1.13 mark on fresh USD selling, in response to a massive slide in the USD/JPY pair after the BOJ left the monetary policy setting unadjusted at its policy review today.

More so, a slightly dovish tilt to the FOMC statement published yesterday also added to the ongoing weakness in the greenback against its major peers, sending the USD index -0.22% lower near 94.40 levels. As widely expected, the Fed left the Fed funds target range unchanged at 0.25%-0.50%, postponing further monetary tightening after the initial rate hike on December 2015. 

Amid yet another eventful trading session today, the immediate focus will now remain on the BO J presser, followed by SNB Monetary Policy Assessment and Eurozone CPI figures thereafter. While US inflation readings will be also closely eyed.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1296/1.1300 (50-DMA/ post-FOMC high). A break beyond the last, doors will open for a test of 1.1350 (psychological levels). On the flip side, the immediate support is placed at 1.1250 (post-FOMC Low) below which at 1.1101 (200-DMA) could be tested.