EUR/USD pares earlier gains but keeps within a narrow range so far today
The pair is now trading down to session lows of 1.2158 but is keeping within a 25 pips range so far today. And that is largely within the realms of what we saw with price action in trading towards the end of last week as well.
Buyers are keeping near-term control as price holds above the key hourly moving averages (1.2132-46 currently) but are finding it tough to extend a push higher for now.
The swing region around 1.2180 is offering some minor resistance before getting to 1.2200 and the 50.0 retracement level of the swing move lower seen @ 1.2201.
As such, buyers are holding a slight bias but nothing to suggest that they are going to run away with a major break to retest the highs for the year.
Looking ahead, the FOMC meeting is certainly the key highlight to be mindful of in trading this week but also just bear in mind a potential rebound in EUR/GBP on a false break below key technical support seen last week:
The pair rebounded on Friday after a close below the daily support at 0.8866-67 with the weekly close finding support and bids to hold above the confluence of the key weekly moving averages @ 0.8837-40.
That may yet provide a potential fresh bounce or at least help to limit downside in the euro unless sellers look to contest another drop lower in trading this week.
