The Euro trades below the 1.1448 resistance level as investors await today's FOMC statement. With global and financial risk continuing to grow, the Fed is expected to maintain a dovish tone. With that being said, investors need to focus on the level to which the Fed is dovish compared to previous FOMC statements. Improved sentiment within the Fed will help boost the greenback and exert pressure on the Euro, while worsening sentiment within the Fed will decrease demand for the greenback and lead to a rise in the Single currency.
The Euro rejects the break above the 1.1450 resistance as investors fear taking such a significant leap before the FOMC statement. Depending on the Fed's statement, the pair will either break above the 1.1450 resistance and continue its upward trend towards 1.1500 or the pair will break below all the three major moving averages and drop back towards the 1.1342 support level.
Support: 1.1398 / 1.1342
Resistance: 1.1450 / 1.1500