Valeria Bednarik, chief analyst at FXStreet explained that the main event this week is the FOMC and we are range bound ahead of the event. Key Quotes: "All eyes are now on the US Federal Reserve economic policy meeting next Wednesday." "The FOMC seems more concern over the global developments than by the local woes." "There is a considerable uncertainty on whether the Central Bank may remain on hold, or open doors for a rate hike in June, which means majors will likely remain range bound ahead of the release." For more information, read our latest forex news.