EURUSD is stuck awaiting the FED’s actions

<p><strong>By <a href="https://roboforex.com/?utm_source=investmarco.com&amp;utm_medium=pr&amp;utm_campaign=rf_en_external_article_14082023&amp;utm_content=analysis&amp;utm_term=forecast&amp;a=ohrb"><u>RoboForex</u></a> Analytical Department</strong></p>
<p>This Monday, 14 August, the major currency pair is hovering near 1.0940.</p>
<p>The market is focused on the future actions of the Federal Reserve System. Last weekend, major US investment houses made their forecasts on the prospects of the interest rate. The Federal Reserve is expected to start bringing the rate down by June 2024, making quarterly decreases from then on. It means that inflation is forecast to reach the target mark of 2% by that moment.</p>
<p>It is a curious position that coincides with the actual state of affairs.</p>
<p>This week, the Fed will publish the minutes of its latest meeting. In them, as usual, market participants will be looking for hints and indications of the reasons and facts on which the regulator will base its September interest rate decisions.</p>
<p><strong>Technical analysis of </strong><a href="https://roboforex.com/beginners/info/charts/forex/eurusd/?utm_source=investmarco.com&amp;utm_medium=pr&amp;utm_campaign=rf_en_external_article_14082023&amp;utm_content=analysis&amp;utm_term=forecast&amp;a=ohrb"><strong><u>EUR/USD</u></strong></a><strong> currency pair:</strong></p>
<p>On the H4 chart, EURUSD performed a corrective wave to the 1.1064 level, where a new decline started. Today, the market reached 1.0940. At the moment, a consolidation range is forming around this mark. The price is expected to break downwards, heading for 1.0880, after which it might rise to 1.0940 (testing this level from below). Next, a decline to 1.0820 could follow. It is the first target. Technically, the MACD, whose signal line is below zero, could confirm such a scenario. The indicator is expected to go on declining to new lows.</p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/EURUSDH4-1.png"><img data-dominant-color="efeef1" data-has-transparency="true" style="–dominant-color: #efeef1;" decoding="async" fetchpriority="high" class="has-transparency aligncenter size-full wp-image-215072" src="https://investmacro.com/wp-content/uploads/2023/08/EURUSDH4-1.png" alt="" width="1593" height="697" srcset="https://investmacro.com/wp-content/uploads/2023/08/EURUSDH4-1.png 1593w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH4-1-160×70.png 160w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH4-1-1024×448.png 1024w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH4-1-150×66.png 150w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH4-1-768×336.png 768w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH4-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /></a></p>
<p>On the H1 chart, EURUSD is forming a consolidation range around 1.0940. Escaping it upwards, the price could start a correction link to 1.0966 and drop to 1.0880 later. It is a local target. Technically, this scenario is confirmed by the Stochastic oscillator, whose signal line has broken the 20 mark upwards and continues growing to 50. The line is expected to rebound from this mark and fall to 20.</p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/08/EURUSDH1-1.png"><img data-dominant-color="efeff4" data-has-transparency="true" style="–dominant-color: #efeff4;" decoding="async" class="has-transparency aligncenter size-full wp-image-215073" src="https://investmacro.com/wp-content/uploads/2023/08/EURUSDH1-1.png" alt="" width="1593" height="697" srcset="https://investmacro.com/wp-content/uploads/2023/08/EURUSDH1-1.png 1593w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH1-1-160×70.png 160w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH1-1-1024×448.png 1024w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH1-1-150×66.png 150w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH1-1-768×336.png 768w, https://investmacro.com/wp-content/uploads/2023/08/EURUSDH1-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /></a></p>
<p><strong>Disclaimer</strong></p>
<p><em>Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.</em></p>