The greenback is sitting slightly higher as we look towards the session ahead, with EUR/USD dribbling lower in the past few hours in a fall from 1.1600 to 1.1583 currently.

Buyers did try for a push above the key hourly moving averages during the initial reaction to the Fed but has since given back control to sellers. That said, any major downside is still hard to come by as price action continues to consolidate after Friday’s drop.

It will take a push below the October lows of 1.1525-29 to really solidify any further downside momentum in the pair at this point.

Elsewhere, GBP/USD is also down 0.2% to 1.3655 and erasing its post-FOMC jump. Meanwhile, USD/CAD is up slightly to 1.2405 and just shy of pre-FOMC levels around 1.2415-20, and AUD/USD is down 0.2% to 0.7430 nearing its pre-FOMC levels at 0.7420-25.