• EUR/USD posts mild gains in the 1.1580/90 band ahead of FOMC.
• A drop to the YTD low at 1.1524 remains on the cards.

EUR/USD partially recovers the ground lost following Tuesday’s daily pullback.

As long as the pair keeps trading below recent tops near 1.1600, a move lower should not be ruled out. Against that, EUR/USD faces the next support at the weekly low at 1.1535 (October 29) ahead of another potential visit to the 2021 low at 1.1524 (October 12.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1895.

EUR/USD daily chart