Hovers above the 1.0550 key level ahead of Fed decision

EUR/USD could revisit the previous week’s low at 1.0521 due to facing pressure. Any dovish remarks post-Fed decision could uplift the pair toward a 23.6% Fibonacci retracement level at 1.0648. RSI indicates a bias towards a weaker market sentiment. 5% in November’s meeting. The pair trades lower near 1.0570 during the Asian session on Wednesday.

Investors will closely watch the Federal Open Market Committee’s (FOMC) post-meeting communication to gauge the potential path of interest rates. Any dovish remarks could turn the pair to the upside toward the key barrier around the 23.6% Fibonacci retracement level at 1.0648. The further obstacles are presented by the 50-day Exponential Moving Average (EMA) at 1.0650.

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