On the upside, the initial resistance is located at 1.1630 (200-period SMA on the four-hour chart) ahead of 1.1670 (Fibonacci 38.2% retracement of September downtrend). Although a daily close above the latter could open the door for additional gains toward 1.1700 (psychological level, previous week's top after European Central Bank announcements), it would be surprising to see that happen before the FOMC unveils policy decisions.
1.1600 (psychological level, 100-period SMA) now acts as the first support. In case sellers drag the price back below that level and manage to flip into a near-term resistance, additional losses toward 1.1580 (static level) and 1.1550 (static level) are likely. The 2021-low of 1.1525 could be seen as the next support but investors could refrain from committing to large positions.
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