EUR/USD looks pivotal now as it waits on the Fed

If you look at the wide outside range for the EUR/USD today you will see it is covered by 1.1475 and 1.1523. So for the purposes of this exercise let me assume the top is at 1.1525 and so smack bang in the middle resides the 1.15 handle. The range is therefore clearly pivotal around that handle and that kind of makes sense. Even if it does not to you, it is understandable given the degree of uncertainty over what the Fed might deliver tonight. Look there are only really two options on the table; they do nothing, or they lower rates. The latter will see the EUR/USD probably trade back to the recent 2025 highs, whereas the former will probably send it back below the current intraday low. In the midst of those options we have the outlook and bias delivered by the accompanying statement and the Dot Plot plan, or perhaps Powell himself later in the post-decision press conference. So, many options for you folks and that explains the price action we have right now in the EUR/USD. The EUR/USD is right now at 1.1507