EUR/USD: The Game Speeds Up Ahead of Fed’s Crucial Hour

przedwczorajEUR/USD is currently in a “pressure-cooker” phase as the price climbs to 1.11677, approaching the critical resistance level at 1.11916.

The bullish momentum is like an arrow shot straight upward, but will it have enough strength to break through and reach 1.12444? Or is this the moment when the market prepares for a “reversal” towards the support at 1.11225?

The EMA 34 and 89 are still holding the bullish trend intact, but don’t forget that this afternoon’s Fed meeting is a “ticking time bomb” for major volatility. With each interest rate announcement, the EUR/USD pair could either be “propelled” higher or experience a sharp “reversal.”

Traders need to buckle up, as this event could trigger a strong breakout or potentially signal the end of the current upward movement.