EURUSD – daily cloud base remains in focus; Fed rate decision eyed for more clues about n/t direction

The Euro remains in red in early Wednesday’s trading and keeps near-term risk skewed to the downside, following limited upside attempts in late Asian and subsequent easing in early European trading.
Tuesday’s weakness tested daily cloud base which marks key near-term support, but without break lower.
Close below 55SMA on Tuesday was bearish signal for renewed attack at 1.1709/06 (Fibo 61.8% of 1.1553/1.1961 upleg / daily cloud base), break of which would generate strong signal for continuation of bear-leg from 1.1961 (27 Nov high).
Daily MA’s are full bearish setup, momentum studies are in the negative territory and slow stochastic turned sideways after emerging from oversold zone, supporting bearish scenario.
Broken 55SMA capped overnight’s recovery attempts and marks strong resistance at 1.1758, followed by 100SMA (1.1802) and falling 10SMA (1.1807) which guard the upper breakpoint at 1.1823/28 (daily cloud top / Tenkan-sen).
Fed rate decision is in focus as key event, with markets having high expectations that the US central bank will raise interest rates today for the third time this year.

Res: 1.1758; 1.1792; 1.1807; 1.1823
Sup: 1.1734; 1.1706; 1.1661; 1.1650