EUR/USD in wait-and-see mode before Fed

The pair fluctuated within the range between two moving averages on Tuesday, namely 20 and 55-day SMAs at 1.0869 and 1.0829, respectively. Tranquil trading is explained by expectations of the Fed meeting, and this fact is confirmed by falling trading volume. Dovish statement later on Wednesday will make the Euro quite buoyant today, with the short-term target being unchanged near 1.0960/80 (Bollinger band; 100-day SMA). Meantime, support will continue to be offered by a dense demand area above 1.08. Any break out below here should trigger a selloff down to 1.0715 (January lows).  

SWFX bears remain in the majority of 54% for open positions. Alongside, 59% of all pending orders in 100-pip range from the spot suggest the EUR/USD pair will decline in the foreseeable future.