EUR/USD price action remains trapped between 1.1200-50
The price range today remains somewhat narrow (21 pips) as traders continue to wait on the FOMC meeting tomorrow for more market direction. The pair had a pop higher overnight following poor US data but quickly resumed its lull into the new day.
For today, price action should remain largely muted as traders keep their focus on the Fed with large expiries resting on either side of current levels at 1.1200 and 1.1240-50. The 100-hour MA (red line) @ 1.1260 will also help to limit any upside potential ahead of the key risk event in US trading tomorrow.
Meanwhile, to the downside there is also support from the 61.8 retracement level @ 1.1205 so that should continue to put a floor on any run lower alongside bids at the 1.1200 handle.
