The EUR/USD is likely to remain rangebound in thin trading with the Fed meeting "very much in the headlights," says HiFX Senior Trader Stuart Ive, adding "it is quite evident these markets are trading very low volumes." Ive says markets are expecting more QE to replace "Operation Twist" and "on that basis I think the euro will hold up, despite the negative data, the downgraded growth forecasts from just about every European Union member." Ive says the fiscal cliff is also very much in focus. The pair is at 1.2943 and Ive says it has support at 1.2880 and resistance at 1.2975.
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