There’s a slight nudge lower in the dollar now with the euro hitting a session high of 1.0171 against the greenback after hovering around 1.0130-50 levels for the most part during the session. It isn’t much but the dollar is holding slightly softer on the day as we continue to wait on the Fed decision later today.

I wouldn’t look much into price action at the moment as it is very much fueled by positioning flows going into the main event.

EUR/USD is still seeing sellers hold near-term control with price keeping below the 200-hour moving average (blue line) at 1.0176. Meanwhile, even if the dollar is weaker on the day, key technical levels are still very much intact as outlined here against other major currencies as well.

This article was written by Justin Low at www.forexlive.com.