EUR/USD - EUR/USD is Plunging Ahead FOMC meeting - 12/14/2016 (GMT)

The EUR/USD pair surged more than 0.5%, so far this week, however, it recorded a negative day during yesterday’s session and failed to rose above the 50-SMA on the 4-hour chart which seems to be a strong resistance level for the bears. Currently, the common currency is still trading within the 100-SMA and 50-SMA and is approaching the 1.0700 strong psychological level. The Fed interest rate decision later today may affect the pair and if there is a penetration of the 1.0505, the price will slip until the 1.0460 support barrier. Moreover, the MACD oscillator is rising and is moving near its mid-level while the RSI indicator holds above the 50 level.