EUR\USD Rangebound

The pair seems to be seeking direction at this point with price breaking out of yesterday's chop zone only to fall once again intraday and Monday's high has still not been re-tested. Lots of uncertainty right now especially with today's FOMC meeting and still no decision about stimulus. As I said at the beginning of this week, the calendar is packed this week with events that could move markets with GDP and unemployment numbers set for release later this week as well. I think this is the reason for the consolidation in price action and once this news cycle unwinds the real direction will become clearer. Staying patient for now.