At tomorrow’s FOMC meeting, the common view is a 0.25% rate cut, but some expect a 0.5% cut. President Trump also said, ‘We must cut rates now, and by more than expected.’
At last week’s ECB meeting, there was talk that rate cuts may stop. Because of this, the euro was bought up to 1.1774.
Even so, the euro could not rise above 1.18, close to this year’s high set on July 1. Weak European economic data and political worries in France are holding it down.
As the euro moves sideways, long euro positions may be building. Be careful of adjustment selling before the FOMC meeting.
EUR/USD expected range: 1.1720 – 1.1800 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.