Technical Analysis: EURUSD recedes from 22-month top on FOMC day
The market's approaching the Fed's meeting, EUR/USD grabs major attention as it eases from the multi-month top. The pair stays on the front-foot but lacks the buying push off-late, signaled by the overbought RSI conditions. As a result, traders will wait for the expectedly dovish sentiment of Fed Chair Jerome Powell before attacking the recent high, also the stronger since June 2018, around 1.1780. Should the markets go wild past-FOMC, June 2018 top close to 1.1850 will act as an intermediate halt before highlighting 1.2000 psychological magnet.
It should also be noted that surprise optimism by the US central banker backed by upbeat economic forecasts, the greenback bulls will re-enter. In doing so, the pair can recall January 2019 top near 1.1570. However, 1.1630 could offer intermediate stop during the fall whereas the March month's peak near 1.1500 might entertain the bears afterward.