The FOMC meeting that was in focus early this morning met market expectations when the Federal Reserve (Fed) still kept interest rates unchanged at 4.50%.
Although the interest rate decision was expected, the lowered economic forecast is seen to be putting pressure on the central bank in the current uncertain atmosphere.
The US dollar briefly fell in the initial reaction to the meeting, but regained strength in trading towards the close of the New York session.
The Iran-Israel war conflict is still the main driver of the market with sentiment remaining risky for investors.
Observing the movement on the EUR/USD currency pair chart, the price is seen moving slowly in the 1.15000 zone ahead of the FOMC meeting.
The price increase is limited below the 1.15300 level and is also blocked by the Moving Average 50 (MA50) line on the 1-hour time frame on the chart, showing a bearish signal.
The price was again pressured to fall below the 1.15000 zone and continued trading into the Asian session this morning (Thursday), the price has reached 1.14500.
The bearish price pattern is expected to continue to head towards the 1.14000 zone which became the focus area of the price in early June trading.
It is not impossible for the price to slide lower down if the US dollar continues to gain an advantage with the war situation remaining tense.
However, if the price bounces back past the 1.15000 zone, investors will begin to see signals for a trend change again.
A higher increase would expect the resistance zone at 1.16000 to be tested again for the price to record new highs.
