EUR/USD Technical Analysis

Strong impulse
Bears are winning
Emerging bullish wedge
M L4 possible after FOMC

Swing high
Swing low
Entry zone
Target

EUR/USD is bearish. The FOMC is the most important event today. Rates should stay at 0.25 % but it's the statement itself which should bring the volatility. Traders will look for future monetary policy guidance for more cues. Technicals are bearish in the EUR/USD. 1.1280 zone is resistance are and we can see that it is being rejected. The first target is 1.1211 followed by 1.1093. However, the second target needs fundamental leverage so if the FED is hawkish we should see the 2nd target hit. Watch for the FOMC later in the day.