The euro was seen trading muted on Wednesday. Many European markets were closed on account of the May Day Bank Holiday. That being said, the common currency was rising earlier in the day in the run-up to the Fed meeting. However, the euro gave up the gains just after rising to a two-week high. Traders will be looking up to the final manufacturing PMI figures due later today.
EURUSD Biased to the Downside
The euro was briefly lifted on Wednesday as price test the resistance area of 1.1248 – 1.1226. Prices were rejected at this level as the euro settled lower on the day. The downside bias is likely to strengthen. The EURUSD could be seen extending the declines to retest the support at 1.1140 in the near term. Overall, price action could remain trading flat within these levels until there is a breakout.
