EUR/USD Trapped Within September Range Ahead of FOMC Decision

The EUR/USD exchange rate remains stuck within its September opening range, with neither bulls nor bears gaining control. Despite a recent pullback, key support has held firm, keeping the broader recovery alive for now.

A break of this monthly range is expected to provide clearer directional guidance as we head into the second half of September. The upcoming FOMC decision next week will be crucial in shaping the market's outlook, particularly with regards to the evolving policy expectations between the Fed and ECB.

From a technical standpoint, initial resistance stands at 1.1629/33, backed by the August high-week close at 1.1679. Key resistance is eyed at 1.1745/75, where the yearly open, 2025 high-week close, and 2025 high close converge.