• EUR/USD is hugging the YTD lows after a brief probe of 1.1113 during London session

• The bounce has been shallow, so risks remain firmly skewed to the downside

• Spot is in a narrow range ahead of the Fed decision

• No hike is expected, but rhetoric is likely to stay hawkish, which should keep the USD supported

• Corporate month-end today, which often coincides with dollar strength

• Should we see a clean break below 1.1113, this will open up 1.1000

• Initial resistance comes in at 1.1190-1.1205 (200-hour MA cluster)
EURUSD hourly chart

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))