Yesterday, the EUR/USD currency pair increased to the resistance level formed by the monthly PP at 1.1069/ During Wednesday morning, the pair was testing the support formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP circa 1.1050.

If the given support level holds, it is likely that the exchange rate could re-test the given resistance in the nearest future. If it does not hold, the rate could reach the upper boundary of the short-term ascending channel located at 1.1100.

Otherwise, the Euro could depreciate against the US Dollar in the short term. A possible downside target is the 1.1000 level. Also, note, that the pair could be affected by the FOMC Statement release at 18:00 GMT

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