EUR/USD could have a tough time finding direction ahead of Fed's policy announcements

EUR/USD has lost its bullish momentum early Tuesday. The pair could go into a consolidation phase ahead of the Federal Reserve's policy announcements on Wednesday, FXStreet’s Eren Sengezer reports.

Euro bulls hesitate ahead of Fed decision

“The near-term technical outlook doesn't provide a directional clue and EUR/USD could go into a consolidation phase ahead of the Federal Reserve's policy announcements on Wednesday.”

“A four-hour close below 1.0000 (psychological level, 100-period SMA, Fibonacci 61.8% retracement of the latest downtrend) could open the door for an extended slide toward 0.9950 (psychological level) ahead of 0.9900 (psychological level).”

“1.0030/40 (Fibonacci 50% retracement of the latest uptrend, 50-period SMA) and 1.0070 (200-period SMA, Fibonacci 38.2% retracement) forms key resistance before 1.0060/70  (200-period SMA, Fibonacci 38.2% retracement) and 1.0100 (psychological level).”