Long

EURUSD eyes 1.0400 ahead of the Fed Meeting.

On Wednesday we have this month's Fed Meeting where the policy makers are expected to raise another 0.75% the interest rates in the ongoing battle to lower the inflation. There is an opportunity for a short-term trade amidst this as the long-term Channel Down pattern (since early February) that the EURUSD pair has been trading in calls for one last push to price a new Lower High.

As this 4H chart shows, the Lower Highs have always been formed above the 4H MA200 (orange trend-line) and currently the price is ranging around the 4H MA100 (green trend-line). The 4H RSI pattern shows that every time the price has turned the 4H MA50 (blue trend-line) into Support, it prepares for the second part of the rebound to a Lower High. Currently a solid price just above the 4H MA20 is 1.0400.

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