As we move closer to the much awaited Fed monetary policy decision, the EUR/USD major has remained confined within a narrow trading range between 100-day & 200-day EMAs.On Wednesday, the greenback has been trading mixed against its major counterparts as traders seem reluctant in carrying big bets heading towards the big FOMC event risk. Meanwhile, the EUR/USD pair managed to recover from session through touched during early Asian trading session but has failed to extend the momentum beyond 1.1235 immediate resistance. However, global risk-on sentiment seems to assist the pair to hold on to its gains above 1.1200 handle. Valeria Bednarik, Chief Analyst at FXStreet notes, "Speculative interest is waiting, just in case the FED actually raise rates, something hardly likely. An on-hold decision could trigger some temporal relief among stocks' traders, but it won't take long until they begin to worry again over the Brexit and global growth."Technical outlookFurthermore, pointing to the downside risk for the pair, Valeria writes, "The 4 hours chart for the EUR/USD pair shows that the risk remains towards the downside, given that the price is holding below all of its moving averages, whilst the technical indicators have lost upward strength within negative territory. This week low in the 1.1190 region is the immediate support, with a downward acceleration below the level, exposing the 1.1130/40 region, where it stands the daily ascendant trend line coming from November 2015. Should the price close the day below it on an extremely hawkish FED, the pair can extend its decline down to the 1.1000 figure during the following sessions.""The immediate resistance comes at 1.1235, as in the daily chart, the 20 and the 100 DMAs converge around it. Above it, 1.1290 comes next, whilst beyond this last the rally can extend up to 1.1335."