EURUSD Spikes to 1.14306 on Fed Pause as Traders Eye Sell-the-Rally Setup

EURUSD trades highly volatile after the Fed rate pause. It hits an intraday high of 1.14306 and is now trading at about 1.14219.

By a 9–3 vote, the Federal Open Market Committee decided to keep the benchmark federal funds rate at 3.50% to 3.75% for the fifth consecutive meeting while still implementing its ample reserves policy. Even as solid productivity and consistent employment help economic activity continue to grow, ongoing geopolitical crises and current supply shocks have kept inflation persistently above the Fed's 2% goal. Three dissenting committee members, Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, voted in support of an immediate 25-basis-point rate increase, indicating growing internal pressure to tighten monetary policy if energy costs and inflation pressures stay high.

Major support- 1.13700/1.12946. Near-term resistance- 1.4380/1.14800/1.1500/1.1530.

It is good to sell on rallies around 1.14480-50  with SL around 1.1500 for a TP of 1.1300.