Yesterday's news from the Federal Reserve was deliberately neutral. The accompanying FOMC statement even omitted the phrase "inflation has moved closer to the 2% target." When Jerome Powell was asked why this phrase was omitted, he explained that the Fed did not want this wording to be interpreted as a signal.

Currently, the price remains at the same level as it was 24 hours ago. However, the MACD indicator line on the daily chart has moved closer to the price, indicating increased pressure. Following the unsuccessful attempt to break through the resistance level at 1.2500, there is now a heightened inclination for the price to test the support at 1.2367. Additionally, the anticipated European Central Bank rate cut later today may provide some external support. If the price breaks below this support, the next target will be at 1.2186.

On the four-hour chart, the price is being supported by the balance indicator line. The Marlin oscillator is showing some weakness but remains in bearish territory. The MACD line is approaching the support at 1.2367, which strengthens its importance. Thus, if the price consolidates below this level, it could open the way to the target of 1.2186.