EUR/USD Technical Analysis: Fed’s decision likely to leave consolidation range vulnerable

• The EUR/USD pair awaits the FOMC decision with a bullish tone, trading close to the 1.1445/50 resistance area but still in the range. Since late November it moved most of the time between 1.1400 and 1.1300, excluding some moments when it climbed to near 1.1450 but failed to hold and pulled back. It also traded under 1.1300, but it was rejected and rose back above. 
• If the Fed’s tone moves the market, the range could be challenged. A break to the upside, with a consolidation on top of 1.1450 could signal a test of 1.1500, the next strong resistance. 
• On the downside, a retracement to 1.1360 would be seen as normal. Below it could extend the slide to 1.1300. Under 1.1300 the bearish momentum is likely to raise, leaving 1.1260/70 exposed. It the slide continues, an approximation to YTD lows at 1.1215/20 could be expected.

EUR/USD 4-hour chart