As the FOMC meeting decision approaches today, the euro remains neutral. The pair is trading slightly above the 1.0461 support level, while the Marlin oscillator has been lingering on the zero line for four days.
Markets are nearly certain that the Federal Reserve will cut rates by 0.25%, accompanied by moderately hawkish comments suggesting a pause in January. The following meeting won't occur until March, giving the dollar room to strengthen until spring—unless Donald Trump's presidency, which is expected to begin by then, disrupts these prospects.
If the price consolidates below 1.0461 and Marlin moves into negative territory, a drop toward the 1.0250 target level can be expected.
On the H4 chart, Marlin remains neutral at the zero line while the price is developing below the balance and MACD lines. The MACD line at 1.0543 serves as resistance in case of speculative outbursts. Overall, the H4 chart signals that the euro is poised for a downward breakout.
