FXStreet reports that economists at TD Securities expect market attention to shift quickly to next week’s FOMC meeting.

“We expect recent ranges to remain in place for EUR/USD as market attention pivots quickly to next week’s FOMC meeting. In particular, we remain inclined to fade rallies toward the recent range tops around the 1.2250 (+/-) mark.”

“We think EUR/USD will struggle to break to new highs for the cycle unless a fresh catalyst emerges. At this point, we would have to look for this to emerge from the USD leg, as the European event risks calendar quiets down for the summer.”

“We think the pair may begin to feel the pull lower from real yield differentials. Much will depend, of course, on next week's Fed policy meeting, where we see scope for markets to price in a less-dovish view.”