The dollar was flat against major peers on Wednesday as the boost from the U.S. Federal Reserve's aggressive stance early this week faded and investors waited for President Joe Biden to unveil new sanctions against Russia during his trip to Europe.

Biden, who heads to Brussels on Wednesday for talks with NATO and European leaders, will push Europe to reduce reliance on Russian oil and gas, and could announce new sanctions on members of the Russian parliament over Moscow's invasion of Ukraine. (Reuters).

The EURUSD market is bearish with pressing selloffs signaling a breakout under a 1.0960 weekly low. Sustained action under 1.0960 could open up a selling wave to 1.0930 and 1.0905. Corrective rebounds will likely struggle with the accelerating momentum of declines from the past several days. Only a close over 1.1119 (SAR) alerts for a sustained correction phase.

Resistance 2       1.1065
Resistance 1       1.1045
 
Support 1            1.1001
Support 2            1.0960