EUR/USD is almost unchanged in Wednesday trading, as pair continues to trade in the mid-1.37 range. In economic news, German Ifo Business Climate posted another strong reading and matched expectations. In the US, the Federal Reserve wraps up a two-day policy meeting, and the markets are anxiously waiting to see if the Fed tapers QE. As well, the US will release Building Permits, a key event, later in the day. Here is a quick update on the technical situation, indicators, and market sentiment that moves euro/dollar. EUR/USD Technical EUR/USD was very quiet in the Asian session, consolidating at 1.3772. The pair is unchanged in the European session. Current range: 1.3710 to 1.3800. Further levels in both directions: Below: 1.3710, 1.3675, 1.3615, 1.3525, 1.3440, 1.34, 1.3320, 1.3240, 1.3175 and 1.31. Above: 1.3800, 1.3832, 1.3940 and 1.4036. 1.3710 continues to provide support. 1.3675 is next. 1.3800 is providing weak resistance. 1.3870 follows. EUR/USD Fundamentals 10:00 German Ifo Business Climate. Exp. 109.7, Actual 109.5 points. All Day – ECOFIN Meetings. 13:30 US Building Permits. Exp. 0.99M. 13:30 US Housing Starts. Exp. 0.95M. 13:30 US Housing Starts (Sep. data).Exp. 0.91M. 13:30 US Housing Starts (Oct. data).Exp. 0.92M. 15:00 US Flash Services PMI. Exp. 56.4 points. 15:30 US Crude Oil Inventories. Exp. -2.4M. 19:00 US FOMC Economic Projections. 19:00 US FOMC Statement. 19:00 US FOMC Federal Funds Rate. Exp. <0.25%. 19:30 US FOMC Press Conference. For more events and lines, see the Euro to dollar forecast. EUR/USD Sentiment Will Fed announce December taper?: All eyes are on the Federal Reserve, which wraps up a two-day policy meeting son Wednesday. Speculation is swirling that the Fed could announce a tapering of QE. Currently, the Fed is purchasing $85 billion in assets every month, and a Fed taper will likely boost the US dollar against the major currencies. Even if the Fed doesn’t announce a taper, it could provide a broad hint that tapering is imminent, or it could provide a sweetener such as a reduction of the interest paid on reserves (IOER). Any of these options should result in the dollar gaining ground. However, if the Fed decides not to change current policy, the markets will be disappointed and the dollar could fall. Whatever happens, we can expect some volatility from EUR/USD following the Fed announcement. German data shines: It’s been an excellent week for German releases. PMI data looked solid, as the Service and Manufacturing PMIs pointed to expansion. German ZEW Economic Sentiment, a key indicator which is based on a survey of institutional investors and analysts, jumped to 62.0 points in November, up from 54.6 the previous month. This easily beat the estimate of 55.3. On Wednesday, German Ifo Business Climate looked sharp, coming in at 109.5 points, just shy of the estimate of 109.7 points. This as the index’s best showing since March 2012. Germany is the Eurozone’s largest economy, and if the region is to shake off weak economic growth and high unemployment, it will need the German locomotive to lead the way. Mixed PMIs out of Europe: There was plenty of action to start off the new trading week, as the Eurozone released a host of PMI numbers. Eurozone Service and Manufacturing PMIs remained above 50, which is the separator between expansion and contraction. German Flash Manufacturing PMI climbed to 54.2 points, while the Services PMI missed the estimate, but came in at a respectable 54.0 points. French PMIs were weak, with the Manufacturing PMI dropping to 47.1 and the Services PMI coming in at 47.4 points. France, the region’s number two economy, continues to struggle, and the country may be back in a recession. Senate expected to pass budget agreement: A two-year, bipartisan budget agreement is moving quickly through Congress. The deal was overwhelmingly approved in the House of Representatives last week and the Senate is expected to follow suit on Wednesday. The agreement sets limits on government spending for two years and reduces the deficit by a modest $23 billion. Democrats and Republicans both had criticism of the proposal, but there is general agreement in Washington that the compromise reached is a positive step which removes much of the fiscal uncertainty we’ve seen in recent months. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher EUR/USD DailyForex News Today: Daily Trading News share Read Next T Day FxPro - Forex Broker 9 years EUR/USD is almost unchanged in Wednesday trading, as pair continues to trade in the mid-1.37 range. In economic news, German Ifo Business Climate posted another strong reading and matched expectations. In the US, the Federal Reserve wraps up a two-day policy meeting, and the markets are anxiously waiting to see if the Fed tapers QE. As well, the US will release Building Permits, a key event, later in the day. Here is a quick update on the technical situation, indicators, and market sentiment that moves euro/dollar. EUR/USD Technical EUR/USD was very quiet in the Asian session, consolidating at 1.3772. 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