FXStreet (Mumbai) – The EUR/USD pair is trading in the sideways manner around 1.1260 levels as investors await the FOMC statement.
Rejected near key Fib level
The pair was rejected near 1.1293, which is the 23.6% Fib Retracement of the larger downtrend from 1.3991-1.0461. Earlier today, a sharp rise in the GBP/USD pair had pushed the common currency higher. The Euro was also buoyed by the absence of fresh news regarding the Greek impasse. However, the bid tone on the common currency was not strong enough to ensure the pair breached the key technical resistance at 1.1293.
The pair could witness sideways trading as we head into the FOMC meeting. Almost no one in the market expects a rate hike today, but investors would look out for any revision in the interest rate forecasts and growth forecasts.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1293, above which the pair could rise to 1.1330. On the flip side, a break below 1.1228 could drive the pair lower to 1.1150.
(Market News Provided by FXstreet)