The euro displayed a mild rally during Wednesday\u0027s trading session as market participants eagerly awaited the Federal Reserve\u0027s announcement later in the day.
Considering the current market conditions, it appears that the euro might attempt to reach the 1.1250 level.
However, cautious trading is expected throughout the day due to the impact of the Federal Reserve's decision. The face that the European Central Bank has a meeting in the morning will also cause some concerns, as this pair is going to be “ground zero” for the Forex world. Furthermore, the 50-Day EMA, positioned just below the 1.10 level, holds significance both technically and psychologically. Also, it has seen a certain amount of trading back and forth in that general area. “Market memory” could very well be a fact at this point.
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