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Tuesday, March 20thThe EUR/USD pair consolidates its positions today in 1.2335-55 trading range, following significant northward rally, witnessed yesterday. On Monday, the pair received notable bullish impetus that could be explained by correlation with the GBP/USD pair, which, in turn, refreshed its monthly highs in wake of progress in Brexit negotiations. Nevertheless, it is expected that the pair won’t show any volatile moves in the session ahead, as we are moving towards the Fed meeting, where, according to market’s expectations, the regulator will increase its interest rate by 25 bps. However, investors have already managed to price in rate hike, therefore, market’s reaction is likely to be limited, while any details on further Fed policy tightening strategy will have significant effect on the market. Today, the EZ economic calendar will offer us German ZEW surveys, which will be able to bring investors fresh trading opportunities, but the US calendar will remain silent today, so broad market trend will be the main driver for the pair during the NA session.
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