The euro currency is on track to post the first daily decline in five days. The declines come after a steady bout of daily gains.

Prices briefly rose to the 1.1900 handle, but the common currency quickly reversed gains.

With the Fed meeting due later today, we expect the 1.1900 and 1.1800 range to hold.

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A breakout from either of these two levels will potentially see further gains or declines.

To the upside, the EURUSD will need to challenge the key 1.2000 level.

While to the downside, the main support area near 1.1715 will be critical.

A break down below this level could lead to further declines with the next support area at 1.1600.

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