EUR/USD Stuck Below 1.1400 as Traders Eye Fed Decision

The EUR/USD pair struggles to break above 1.1400 as traders await the Federal Reserve's decision on interest rates. The Fed is expected to keep its benchmark rate unchanged, but a quarter-point hike is still possible, which could boost the US Dollar and send the EUR/USD pair lower.

European Central Bank (ECB) council member Christodoulos Patsalides emphasized that higher oil prices are increasing inflation risks, but he refused to comment on the ECB's September monetary policy decision. The Euro showed little reaction to his comments.

Techincally, the EUR/USD pair is consolidating losses in a bearish trend, with momentum indicators hinting at a neutral-to-slightly-capped near-term bias. Key support levels include 1.1324 and 1.1210, while resistance lies around 1.1440 and 1.1480.