EUR/USD Technical Analysis: Rangebound trade expected ahead of FOMC

• EUR/USD tested fresh yearly lows in the 1.1100 area last week, although sellers failed to drag it further south.
• A drop below the 1.1100 area still remains on the cards in the near term despite some consolidation is favoured ahead of the key FOMC event later in the week.
• In the meantime, the offered tone in the pair should prevail below the 55-day SMA, today at 1.1234. Immediate to the upside lies the area of recent peaks in the 1.1280/90 band.

EUR/USD daily chart