Ahead of the FOMC event later today, the pair has been bid steadily but not enough bids to materialize a break of the previous highs, which increases prospects of a range till the FOMC.
The P-shaped volume profile formation is a reminder of the amount of offers concentration overhead, which is preventing further progress ahead of the price reassessment post FOMC.
An ascending trendline originating off March 13th low is still guiding the bullish structure, hence expect any setback to see a fight around the critical level.
The risk of getting caught in a chopfest ahead of the FOMC by engaging at the wrong levels is substantially high, so make sure you pre-select the key areas (I provide levels of reference).
If we are to take as reference the 10 year spread in bond yields between Germany and the US, which acts as a leading indicator, the bias still remains to the upside.