The EUR/USD pair rose again during the Wednesday session as the world awaits the Federal Reserve decision. This decision comes out later today, and it could provide more fuel for this rally. The 1.28 handle now looks supportive, and as such we think that a pullback will more than likely find buyers at that level.
However, there is the possibility the Federal Reserve disappoints. If it does, despair could fall apart rather quickly and headed towards the 1.26 level. Of course, it is impossible to predict what they’re going to do, and as such we are on the sidelines in this particular pair until we see the daily candle close today. If we managed to break higher, we are buying. If we break lower and below the 1.28 level, we would consider selling.
Written by FX Empire