Euro Makes a Higher Low Before the Fed

Some traders may see upside potential in the euro with a big Federal Reserve meeting next week.

The first pattern on today’s chart is Tuesday’s low of 1.06668, slightly above the May 31 low. If EURUSD remains above that level today, it will break a streak of five weeks with successively lower lows. That may suggest its short-term downtrend is ending.

Next, the recent low is slightly higher than its trough in March. Combined with the higher highs in late April and early May, the price action represents a potentially bullish parallel channel.

Third, MACD just turned higher.

Finally, CME’s FedWatch tool shows markets expect the Fed to leave rates unchanged on Wednesday. That could weigh on the U.S. dollar and support the euro.

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