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Preparing for FOMC Impact on EUR/USD: Insights and Analysis

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As we approach the FOMC meeting later today, there is anticipation of a potential bullish movement of the EUR against the USD, accompanied by a retest of the 50% Fibonacci level on the short timeframe and an uptick in value. Indicators suggest oversold conditions.

Regarding the Federal Reserve, it is expected to maintain a hawkish stance, acknowledging persistent inflation and robust economic indicators. Despite not updating its macroeconomic projections until June, the Fed is likely to highlight recent deteriorations in the inflation outlook.

Chair Powell's press conference will be pivotal, with the potential to adjust earlier guidance on easing, indicating a more cautious approach to monetary policy adjustments. Market expectations have shifted, significantly reducing the likelihood of rate cuts in the near future and postponing the start of the easing cycle to September 2024.

We anticipate an increase in the EUR value today, with a cautious approach to setting the stop loss (SL) and take profit (TP) levels.