EUR/USD clings to gains around 1.1430, FOMC on sight

• The pair is up smalls around the 1.1430 region.
• The recovery in the greenback met resistance near 96.30.
• German trade surplus shrunk to €17.6 billion in September.

The European currency keeps the bid tone intact so far this week and is now prompting EUR/USD to stay sidelined around 1.1430.

EUR/USD looks to risk trends, FOMC

The pair is struggling to extend the weekly rally on Thursday, finding a tough resistance in the boundaries of the critical 1.1500 the figure on Wednesday.

The better tone in the risk-associated space plus persistent weakness in the greenback, particularly as market participants were digesting the results from the US mid-term elections, has been all collaborating with the up move in spot.

In the data space, German trade surplus shrunk more than expected to €17.6 billion in September, with both imports and exports unexpectedly contracting 0.4% MoM and 0.8% MoM, respectively.

Across the pond, the FOMC meeting will be the salient event later today, although investors expect to move on rate or significant announcements from the Committee.

EUR/USD levels to watch

At the moment, the pair is up 0.07% at 1.1435 facing the next hurdle at 1.1500 (high Nov.7) seconded by 1.1508 (low May 29) and finally 1.1550 (high Oct.22). On the downside, a break below 1.1393 (10-day SMA) would target 1.1372 (low Nov.2) en route to 1.1334 (low Oct.26).