EUR/USD consolidates ahead of the Federal Open Market Committee (FOMC) policy decision with the expectation of maintaining the current interest rate at 5.
EUR/USD could revisit the previous week's low at 1.0521 due to facing pressure. Any dovish remarks post-Fed decision could uplift the pair toward a 23.6% Fibonacci retracement level at 1.0648. RSI indicates a bias towards a weaker market sentiment. 5% in November’s meeting. The pair trades lower near 1.0570 during the Asian session on Wednesday.
Investors will closely watch the Federal Open Market Committee's post-meeting communication to gauge the potential path of interest rates. Any dovish remarks could turn the pair to the upside toward the key barrier around the 23.6% Fibonacci retracement level at 1.0648. The further obstacles are presented by the 50-day Exponential Moving Average at 1.0650.
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