EUR/USD to trade range bound between 1.13 and 1.143

EUR/USD erased one additional resistance on Friday, by penetrating the 23.6% Fibonacci retracement of the 2014-15 downtrend. Therefore, the pair was increasing in value every day during last week. However, it is highly likely that the cross will trade sideways until Thursday, when the Fed is due to make a rate decision. Moreover, both bulls and bears are estimated to feel pressure from the upside (1.1430 area) and downside (below 1.13), respectively. Meanwhile, daily technical indicators are now assuming the Euro is overbought and it should be sold versus the US Dollar soon.

EUR/USD's sentiment retreated during the weekend as bulls lost two percentage points to 48%. Alongside, the portion of long pending orders in 100-pip range from the spot fell from 59% to 49%.