EUR/USD in a tight range near 1.1000, FOMC eyed

The single currency is trading on a firm footing on Wednesday, taking EUR/USD to the 1.10 neighbourhood ahead of the key FOMC meeting.

EUR/USD focus on FOMC

Choppy week for the pair so far, navigating the area around the critical 1.1000 handle amidst alternating risk trends and a somewhat softer greenback.

Ahead in the session, the FOMC is expected to keep its monetary status quo unchanged although market bets remain tilted towards a hawkish statement, which should be USD-supportive. Further US releases will also see Pending Home Sales and Durable Goods Orders.

Back to Euroland, M3 Money Supply and Private Loans figures are expected to have expanded at an annualized 5.0% and 1.7%, respectively.

EUR/USD levels to watch

The pair is now gaining 0.07% at 1.0993 facing the initial hurdle at 1.1057 (20-day sma) followed by 1.1075 (200-day sma) and then 1.1166 (high Jul.14). On the flip side, a breakdown of 1.0913 (post-Brexit low Jun.24) would open the door to 1.0820 (low Mar.10) and finally 1.0777 (low Jan.21).