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EUR/USD holds onto 1.1400

FXStreet (Córdoba) - Following a sharp rally triggered by Fed’s inaction, EUR/USD stalled at the 1.1460 area and surrendered some gains over the last hours.

EUR/USD pulled back from a 3-week high of 1.1459 but the downside was contained by the 1.1390 zone confining the pair to a sideways phase around 1.1400. At time of writing, EUR/USD is trading at 1.1418, posting a 0.13% decline on the day.

In the absence of first-tier data, investors continue to assess yesterday’s Fed statement and economic projections. The Fed decided to leave rates unchanged while 13 out of 17 members still see a rate hike this year from previous 15 and one member sees negative rates for the year-end.

EUR/USD levels to watch

On the upside, next resistances are seen at 1.1465 (May 15 high) and 1.1500 (psychological level) ahead of 1.1560 (Aug 26 high). On the flip side, supports could be found at 1.1389 (Sep 18 low), 1.1372 (Sep 14 high) and 1.1290 (21-day SMA).

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