Euro Trades Sideways Above 1.17 As Investors Await Fed Decision

The  euro today fell against the  US dollar after hitting highs last seen in  September 2018 yesterday as  the  greenback sold off. The  EUR/USD currency pair was stuck trading in  a  sideways range slightly lower from its opening price driven by  the  non-volatile market environment.
The  EUR/USD currency pair today traded at  a  high of  1.1773 before falling to  a  low of  1.1699 and  then trading sideways from there and  was still down for  the  day at  the  time of  writing.
The  currency pair traded lower at  the  start of  today’s session as  investors took profits following the  pair’s recent 2-week rally. The  fact that the  European docket had no major release scheduled for  today left the  pair at  the  whims of  the  market. Investors were also a  bit worried about the  increasing likelihood of  a  second wave of  coronavirus infections across Europe. Other assets in  the  risk universe, such as stocks, benefitted from the  lull in  the  currency markets as  European markets closed higher.
The  pair’s performance was also supported by  the  greenback, which was also trading sideways as  tracked by  the  US Dollar Index, which held yesterday’s low of  93.49. Investors are waiting to  see if the  stimulus bill unveiled by  Senate leader Mitch McConnell will get approval from the  Democrat-led House.
The  currency pair’s future performance is likely to  be affected by  tomorrow’s FOMC rate decision.
The  EUR/USD currency pair was trading at  1.1722 as  at  18:19 GMT, having fallen from a  high of  1.1773. The  EUR/JPY currency pair was trading at  123.29, having fallen from a  high of  123.98.
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