- The EUR/USD pair was firmer on Wednesday as market attention is set to turn to an interest rate decision by the U.S. Federal Reserve later in the day.
- The U.S. Federal Reserve is expected to keep interest rates unchanged amid tepid inflation and recent weak economic data, but could signal an increased likelihood of an increase by the end of the year.
- Further upside in this pair should be limited as the resistance level at 1.1210 levels should limit upside and bring decline towards lower levels.
- To the upside, immediate resistance can be seen at 1.1162 a break above this level would take the pair towards next resistance level at 1.1210.
. - To the downside, strong support can be seen at 1.1115 levels, a break below this level will open the door towards next level at 1.1053.
Resistance Levels
R1: 1.1162 (50% Retracement level)
R2: 1.1210 (61.8% Retracement level)
R3: 1.1282 (Sep 15th high)
Support Levels
S1: 1.1115 (38.2% Retracement level)
S2: 1.1053 (23.6% Retracement level)
S3: 1.1000 (Psychological levels)
