The support of the 1.1000 psychological level was enough to push the EUR/USD currency exchange rate into the 1.1080 level.
On Wednesday, the rate bounced off the 1.1080 level and declined down to a cluster of technical levels at 1.1040. Future forecasts were based on what would happen at this level.
FOMC Wednesday
On Wednesday, September 18, the FOMC Statement and Economic Projections releases are expected at 18:00 GMT. Note that the Federal Funds Rate data will be published at the same time. Last release caused a 53.6-pip move.
EUR/USD hourly chart's review
On Wednesday morning, the EUR/USD stood at the support of the 55, 100 and 200-hour simple moving averages and a weekly pivot point at 1.1040.If the rate would drop below this cluster of support, the pair most likely would reach the support of the 1.1000 level.
On the other hand, a bounce off from the support levels could result in another test of the 1.1080 mark.
Hourly Chart
On the daily candle chart, the rate continues to remain below the resistance line of a channel down pattern. If the pattern holds, the rate should eventually decline to the 1.0850 levels.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
Since Tuesday morning, 66% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were bearish, as 55% of orders in 100 pips range around the current rate were to sell and 45% were to buy.
Previously, the orders were 66% to buy.