On Wednesday, Europe and the United States increased followed by a drop, reaching the highest point 1.1755, the lowest point 1.1684, and closed 1.1688. After the Fed made it clear that it was prepared to reduce asset purchases, the USD rose sharply by more than 50 points to 93.50, and Euro was under pressure and broke through 1.1700. The sharp decline in German ZEW survey data suggests that the Eurozone PMI index may be weak. The market generally expects that the Bank of England and the Swiss National Bank will maintain their policies unchanged.
From a technical point of view, Euro’s daily candle closes bearish with an upper shadow. EURUSD is close to the previous support. If there is a breakthrough, then there is possibility EURUSD will drop quickly. H4 graph shows that EURUSD continues to operate below Bollinger's middle band and MACD volume is below the zero axis. Overall, prioritize Sell within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1720.
Resistance：1.1720-1.1750-1.1780
Support：1.1680-1.1650-1.1600
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