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EUR/USD Awaits Breakout

The US dollar consolidates ahead of the FOMC. A tentative break above 1.0190 prompted sellers to cover their bets, easing the downward pressure. The bulls will need to lift offers in this key supply zone before they could hope for a sustained recovery. In the meantime, the price action is consolidating above 0.9930. The narrowing range shows indecision before a catalyst leads to a breakout which would decide whether the euro stays north or south of parity. A fall below 0.9930 may resume the downtrend below 0.9870.

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