The euro has started the new trading week on the back foot against the US dollar after the pair suffered its worst one-day drubbing since March this year. Bulls now need to move the EURUSD away from the 1.1200 level and start to close the pair above the 1.1260 level ahead of the FOMC meeting. Weakness below the key 1.1200 level may prompt another technical test of the 1.1170 to 1.1155 zone.
The EURUSD pair is only bearish while trading below the 1.1260 level, key technical support is found at the 1.1200 and 1.1170 levels.
If the EURUSD pair trades above the 1.1260 level, buyers may test the 1.1280 and 1.1310 levels.
