EUR/USD Hovers Below 1.1400 as Traders Await Fed Decision

The euro is edging higher against the dollar in midweek trade, supported by a bounce from the mid-1.1300 zone earlier this week. However, the pair remains capped below the 1.1400 handle, a level that has proven difficult to surpass.

Market participants are squarely focused on the Federal Reserve, with the central bank's latest policy decision due later today. The outlook for U.S. monetary policy is likely to set the near-term direction for the dollar, keeping EUR/USD in a holding pattern for now.

Technical selling pressure near 1.1400 may persist unless the Fed signals a softer stance, which could weaken the dollar and give the euro room to extend gains. In the meantime, support is seen around the 1.1300 area.