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EUR/USD fails to sustain momentum, Fed in focus

FXStreet (Córdoba) - EUR/USD rallied to fresh daily highs in a bout of dollar selling as investors adjust positions ahead of the Federal Reserve decision, but momentum faded, leaving the pair in a higher range.

EUR/USD received a boost at the beginning of the New York session, amid fears of a dovish Fed statement, and peaked at 1.2770 before settling in a slim range just below. At time of writing, EUR/USD is trading at 1.2755, recording a 0.18% gain on the day.

Federal Reserve will release its monetary policy decision in a statement at 18:00 GMT. The central bank is expected to announce its commitment to end QE today.

EUR/USD technical levels

As for technical levels, on the upside immediate resistances line up at 1.2770 (intraday high), 1.2800 (psychological level) and 1.2839 (Oct 21 high). On the flip side, supports are seen at 1.2723 (intraday low), 1.2700 (20-day SMA/psychological level) and 1.2683 (Oct 28 low).

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