As it can be clearly observed from the 8H timeframe chart of EUR/USD, a sideways ranging rectangular box has been formed and the price is currently trading within the borders of it while trying to bounce off the lower barrier of the formed descending channel. The liquidity is low and the price action is slow. Thus, we are expecting for the Fed Interest Rate Decision news to hit the market in the evening so the price movement picks up some pace. We are expecting for the price to dip below the local zone of support and grab some liquidity before continuing its bullish moves and reaching the area illustrated on the graph.
