The euro traded steadily against the US dollar on Wednesday, as market players awaited FEDs decision at its monthly meeting later today.
EUR/USD pair hit 1.3410 during early European trade, currently the session high, after which consolidation followed at the psychological 1.3400 level. Support was expected at Tuesdays low, 1.3325, while resistance was to be met at Tuesdays high and a four-month high, 1.3414.
Market participant were focusing on Fed’s rate statement and press conference, which it was expected would clarify the bank’s decision on monetary policy, after Chairman Ben Bernanke said last month that the bank could begin tapering asset purchases at some of the future central banks meetings, if the US economy continued to improve.
The euro was almost without change against the British pound, as EUR/GBP pair ticked down 0.01% to 0.8559. Additionally, the common currency was lower against the Japanese yen, with EUR/JPY decreasing by 0.018% to 127.40.
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