After a brief test of the area around 1.1120, EUR/USD has now managed to pick up pace and regain the mid-1.1100s. EUR/USD supported at 1.1120 ahead of FOMC The daily recovery in crude oil prices is now running out of steam and removing a significant support for the risk appetite trends, allowing in turn some sort of pick up in the buying interest around the shared currency. Next of relevance for the pair will be today’s US releases, as Industrial Production, Capacity Utilization, Housing Starts and Building Permits are all due later ahead of the FOMC minutes. EUR/USD levels to watch The pair is now gaining 0.04% at 1.1147 facing the next hurdle at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1460. On the other hand, a break below 1.1059 (200-day sma) would target 1.0965 (61.8% Fibo of December up-move) en route to 1.0709 (YTD low Jan.5). For more information, read our latest forex news.