EUR/USD is slipping towards the 200-day moving average at 1.1843 before the latest from the Federal Reserve today.
Where the pair closes in relation to the 200-DMA is vital.

The 200-DMA break in May 2020 sparked a huge rally.
Should EUR/USD close below it the least traders should expect is a period of lower ranges within the 1.15-20 bounds traded August-December last year.
If the break above the 200-DMA is matched by a break down, the drop will run much deeper than most traders now expect.

If the 200-DMA holds, it could serve as the foundation for a much bigger rise to 1.25 this summer and 1.35 longer-term.

EUR/USD is yet to reach the minimum objective for a technical correction of its rise since March last year, which is 1.1695.
The bull trend is strong and 1.1695 is the ideal spot from where the uptrend is resumed, a probability heightened if traders significantly reduce bullish bets.

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