Forex
EUR/USD at Technical Crossroads Ahead of FOMC Rate Decision
The EUR/USD pair has reached a critical technical inflection point as it tests both ends of its monthly range. With the weekly and monthly opening ranges still intact just above critical support, traders are waiting for a decisive catalyst to break out or continue down.
According to City Index UK, resistance lies at 1.1422, 1.1483/92 (key), and 1.1576/78, while support is found at 1.1355/60 (key), 1.1276, and 1.1214.
The Federal Open Market Committee's rate decision today and upcoming inflation data could provide the necessary spark for a breakout. A topside breach above 1.1422 would weaken the multi-month downtrend, while a loss of support below 1.1355/60 would favor another leg lower.