EURUSD fell below its important support level of 1.1104, disrupting double bottom on Tuesday. The pair sustained a clear bearish momentum for the another trading day and plunge sharply to drop 85 pips. Furthermore, the pair traded in a narrow range of 94 pips beside a high of 1.1141 and a low of 1.1048 on Tuesday. It settled the day thoroughly above the 161.8% Fibonacci retracement level at 1.1041.

Today, the traders are focussing on FOMC meeting that is going to release at 18:00 pm (GMT+0).
Guys, I am anticipating a dovish report from FED, but keep following as any new point in FOMC can cause volatility.

Today on Wednesday, the investors are suggested to observe the subsequent events:

EUR
• German WPI m/m
• French Final CPI m/m
• Industrial Production m/m

USD
• FOMC Member Dudley
• FOMC Member George Speaks
• JOLTS Job Openings
• USD FOMC Meeting Minutes

Technical Overview:

Today on Wednesday, the EURUSD is expected to stay beyond a Fibonacci 161.8% level of 1.1040 additionally it is also likely to pull back up at 1.1105 before extending additional sell. It has a significant resistance at 1.1085 a double top level, whereas the support is found at 1.1020 and 1.0975.

Daily Trading Range:
1.1310 – 1.1025

Daily Support & Resistance Levels

R3: 1.1227
R2: 1.1200
R1: 1.1183
Pivot Point: 1.1157
S1: 1.1130
S2: 1.1113
S3: 1.1087

Trading Recommendation:
Good to Sell Under: 1.1080
Take Profit:
1st @ 1.1045
Stop Loss @ 1.1125