The euro currency, along with many of its peers was trading mixed on Wednesday. This comes as the dollar briefly strengthened into the run-up to the Fed meeting.
Price action lost the support of the minor trend line and briefly fell close to the 1.2050 technical support.
However, price action was quickly rejected just above the 1.2050 level. The euro managed to recover the losses rather quickly.
The downside bias is likely to rise as the currency pair has failed to make any moves above the resistance area of 1.2177 – 1.2144 level.
However, considering that the Stochastics oscillator is likely to trigger a bullish signal, we could see another attempt to the upside.