EUR/USD loses ground on the day, moving below the 1.1600 key mark. In the wake of the FOMC decision, the EUR/USD remains rangebound. ECB’s stance on inflation may provide some room for the Euro bulls. The EUR/USD price is trading in a tight range above 1.1580 on Wednesday as the single currency loses value against the dollar. -If you are interested in forex day trading then have a read of our guide to getting started- As other global markets prepare for the upcoming FOMC meeting later on Wednesday, the EUR/USD pair manages to reverse Tuesday’s pullback somewhat. Remember that, according to market consensus, the Federal Reserve will announce the beginning of quantitative easing this month, with rates possibly falling by $15 billion per month and ending sometime in mid-2022. However, investors are divided as to whether it will be “dovish” or “hawkish.” In September, it was estimated that the unemployment rate in the euro area would fall to 7.4%. As part of the weekly MBA mortgage application process in the US data room, factory orders, ADP reports, and ISM non-manufacturing reports must be submitted. Get FREE Forex Signals Now! The EUR/USD’s upside potential is currently constrained by the pair’s inability to successfully break the 1.1600 level. As of now, the spot continues to monitor trends in risk appetite to determine the direction and momentum of the dollar, while the loss of momentum has also dampened economic recovery in the region, consistent with some weakness in fundamentals on optimism, investors, and curbing bullish attempts in the European currency. The ECB’s steady hand against the backdrop of persistent inflation in the region and the prospect of further development, combined with investor expectations for an early start, should cause the single currency to stay on trial for growth longer than previously thought. -Are you looking for automated trading? Check our detailed guide- EUR/USD price technical analysis: Bears dominating under 1.1600 The EUR/USD price pared yesterday’s gains and came below the 1.1600 level. However, the price has shown some strength in the recent hour, moving above the 20-period SMA on the 4-hour chart. But the upside still remains capped by the 50-period SMA and 1.1600 key resistance. The average daily range is 38% so far, while the volume data is neutral. However, the overall tone and outlook are still negative and may go for a test of YTD lows at 1.1520 area. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal EUR/USD Daily share Read Next Free Forex Signals and Forecast: Buy EUR/JPY – 3 Nov 2021 Olimpiu Tuns 1 year EUR/USD loses ground on the day, moving below the 1.1600 key mark. In the wake of the FOMC decision, the EUR/USD remains rangebound. ECB's stance on inflation may provide some room for the Euro bulls. The EUR/USD price is trading in a tight range above 1.1580 on Wednesday as the single currency loses value against the dollar. -If you are interested in forex day trading then have a read of our guide to getting started- As other global markets prepare for the upcoming FOMC meeting later on Wednesday, the EUR/USD pair manages to reverse Tuesday's pullback somewhat. Remember that, according… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.