The euro gained ground against its most major counterparts in the European session on Wednesday, as investors cheered reopening of several nations in Europe as rate of new coronavirus cases and deaths slowed.

Spanish Prime Minister Pedro Sanchez on Tuesday outlined plan to gradually ease restrictions from May 4.

The PM detailed a four-phase plan to relax measures which is intended to be completed by the end of June.

Oil prices rebounded as U.S. inventories rose less than expected last week and easing coronavirus lockdown restrictions spurred hopes for a pick up in demand.

The Federal Reserve is set to finish its two-day meeting later today, with investors looking for guidance on the trajectory of the world's largest economy.

The European Central Bank meets Thursday following Fitch's decision to downgrade its rating on Italian debt to BBB-, one notch above junk.

Survey results from the European Commission showed that Eurozone economic confidence deteriorated sharply amid coronavirus pandemic in April and reached near the lowest levels seen during the Great Recession in March 2009.

The economic confidence index fell to 67.0 in April from 94.2 in March. This was the strongest monthly decline since 1985.

The euro rose to 1.0874 against the greenback from Tuesday's closing value of 1.0819. The euro is seen finding resistance around the 1.10 region.

The euro firmed to a 5-day peak of 0.8755 versus the pound, compared to 0.8702 hit late New York Tuesday. If the euro rises further, 0.89 is possibly seen as its next resistance level.

Data from the British Retail Consortium showed that UK shop prices declined at a faster pace in April amid lockdown as non-food prices fell most since 2006.

The BRC-Nielsen shop price index fell 1.7 percent year-on-year in April.

Reversing from a 2-day low of 1.0541 hit at 5:00 pm ET, the euro moved up to 1.0575 against the Swiss franc. The euro is poised to target resistance around the 1.00 mark. The euro recovered to 1.6681 against the aussie and 1.7858 against the kiwi, from its early more than 2-month low of 1.6579 and near 2-month low of 1.7735, respectively. The next possible resistance for the euro is seen around 1.70 against the aussie and 1.86 against the kiwi.

In contrast, the euro declined to 115.46 versus the yen, its lowest since April 2017. On the downside, 111.00 is possibly seen as the next support level for the euro.

The euro fell back to 1.5119 versus the loonie, heading to pierce near 2-month low of 1.5114 set in the Asian session. Next key support for the euro is likely seen around the 1.48 mark.

Looking ahead, U.S. GDP data for the first quarter and pending home sales for March are due in the New York session.

At 2:00 pm ET, the Fed announces its decision on interest rate. Economists widely expect the federal funds rate to be kept at 0.25 percent.

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