The closer the FOMC meeting, the price movement in the market started to be confused with the US dollar moving somewhat mixed influenced by the current market sentiment factor.
Positive developments in China with the government's efforts to implement stimulus measures for economic recovery also limited the strengthening of the US dollar.
Previously, the US dollar was seen to be slightly stronger with the expectation of an increase in interest rates by the Federal Reserve (Fed) at the latest meeting this week, but the risk-on sentiment of the market returned to spread the performance of the US dollar in addition to the market evaluating the earnings reports of giant technology companies.
The US dollar moved dismally against several major currencies, but appeared to still be putting pressure on the weakening Euro with the release of business survey data in Germany with the latest numbers falling.
On the chart of the EUR/USD currency pair, the price remains in a bearish pattern since the end of last week until yesterday with the latest low reached in the New York session around 1.10200.
A further drop in price can be expected to test the important zone at 1.10000 for investors to assess the price reaction for further movement indicators.
A lower break will push the price towards around 1.09000 before the 1.08000 support level will be the next focus.
However, ahead of the FOMC meeting, uncertainty will add to the risk of unexpected price movements.
The price can change direction and make a rebound by crossing the MA50 barrier to signal a bullish trend change.
The upside could reach the 1.12000 concentration level before testing the highs of last week's trade.
