EUR/USD is consolidating above 1.0465 ahead of the Fed meeting this week. Traditionally, a rate hike should lead to a local decline in the pair, but a strong upward rollback is highly likely if Fed Chairman Jerome Powell makes it clear that further rate hikes can occur in a milder form at 0.25% per month.
Technical picture:The quote is below the middle line of the Bollinger indicator, below the SMA 5, but above the SMA 14. Meanwhile, the relative strength index (RSI) is below 50% and is moving horizontally, while the stochastic indicator is on a decline.
Possible dynamics:If euro fails to hold at 1.0465, price will drop to 1.0400, then bounce up again.
