Note that the publication and the follow up press conference are top fundamental events, which affect the supply of the US Dollar. Namely, as information about the future will be revealed, the EUR/USD will adjust sharply until the news are processed by the whole world.
Economic Calendar Analysis
The top event of the month is scheduled for Wednesday's 18:00 GMT. The US Federal Reserve will publish its Economic Projections and Statement. The central bank is expected to hike interest rates. The question remains among market participants whether a 0.50% or 0.75% hike occurs.
Note that after the official announcement a press conference is scheduled for 18:30 GMT.
EUR/USD hourly chart's review
Up to the event, note the resistance clusters at 1.0500 and 1.0600 and the support levels near 1.0400/1.0435 and the zone at 1.0330/1.0350.Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the upper trend line of the 2022 channel down pattern.On Tuesday, the pair reached the support zone of the 2017 and 2022 low levels at 1.0350/1.0400. A move below the zone might find support in the lower trend line of the channel down pattern below 1.0200.
Daily chart
Read More: Technical Analysis
Sell orders are gone
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Tuesday, the open positions were already 66% long and pending orders were 58% to sell.