- EUR / USD trades within a narrow range above 1.2100 ahead of the Fed.
- There is minor support at the Fibonacci level near 1.2060.
EUR / USD remains without a clear direction, sideways above 1.2100 on Wednesday.
So far, the rises have hit a decent hurdle at the 1.2150 zone, coinciding with the 10-day SMA. The resumption of the downtrend remains likely in the event that the EUR / USD does not regain this area in the short term.
In that case, a break below the recent lows at the 1.2100 / 1.2090 band could pave the way for further losses on the short-term horizon, with minor support at 1.2064 (Fibonacci level). So far, the 50-day SMA just above 1.2100 also reinforces this support zone.
A move above the weekly highs around 1.2220 should expose the monthly peaks near 1.2270 (May 25 high). Above this region, the pair should resume the bullish bias and target 1.2300.
On the broader view, the constructive stance on EUR / USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1991.
EUR / USD day chart
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.jpg "Cesare Cremonini and Giorgia Cardinaletti, the first photo together on social media (with Valentino Rossi)")