EUR/USD has lost its bullish momentum and retreated below 1.0650 in the early American session on Wednesday. With investors gearing up for the Federal Reserve's rate announcement and dot plot, the US Dollar manages to hold its ground.

The daily chart for the EUR/USD pair shows that bulls are still in charge. The pair stands at the upper end of Tuesday’s range, developing above all of its Simple Moving Averages (SMA), with the 20 SMA heading north above the longer ones. Technical indicators, in the meantime, have lost directional strength but hold within positive levels. The Relative Strength Index (RSI), in fact, consolidates at around 70.

In the near term on four hourt chart, and according to the 4-hour chart, chances are also skewed to the upside. The pair develops above bullish moving averages while technical indicators consolidate near their recent highs, well into positive territory. Indicators have partially lost their bullish strength but are far from suggesting a potential slide. Anyway, anything can happen with the US Federal Reserve’s decision.

The uptrend may be expected to continue, while market is trading above support level 1,0606, which will be followed by reaching resistance level 1,0889.

An downtrend will start as soon, as the market drops below support level 1,0606, which will be followed by moving down to support level 1,0367 and 1,0131.

In daily, The uptrend may be expected to continue, while market is trading above support level 1,0367, which will be followed by reaching resistance level 1,0793.

An downtrend will start as soon, as the market drops below support level 1,0367, which will be followed by moving down to support level 1,0131 and if it keeps on moving down below that level, we may expect the market to reach support level 0,9595.

EURUSD waiting for FEDs Decision for another spike

Dec 14 2022

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