The FOMC rate decision is fast approaching and the traders have set the close support and resistance levels from recent price action ove rhre last week or so of trading.

Looking at the 4-hour chart above, the EURUSD has seen sellers lean against the 1.0936 – 1.0954 resistance zone yesterday, keeping the pair’s continued move to the upside in check. That area is was defined by swing levelsgoing back to September to November of last year and more recently last week. A break above this level would signal a stronger bullish shift, opening the door for further upside momentum.

On the downside, the 61.8% retracement level at 1.0817 acted as a base for a rise during last week’s trading (see red circles 6 and 7 on the chart above). A move below this level would indicate a shift in bias back to the downside, with the market targeting a swing area between 1.0760 and 1.0776. Below that, and the 200-day MA and rising 100 hour MA at 1.0727 will be the focus. .

The pair is currently trading near 1.0884, between resistance and key support. A decisive break in either direction will determine the next move:

• Above 1.0954: Bullish momentum increases, with potential for further upside.
• Below 1.0817: Bearish momentum builds, shifting focus back toward lower support levels.

Traders should watch these levels closely as the market looks for its next directional move.