FX.co ★ EUR/USD nosedives ahead of FOMC meeting

H4 chart of EUR/USD

The euro sank ahead of the FOMC meeting. Still, I think the currency is heading in the wrong direction. The thing is that the euro has limited downside potential. Moreover, it is already hovering at extreme lows. Any dovish hints from the US Federal Reserve at the meeting today could trigger a surge in the euro.

Long positions could be considered at 0.9970 after a breakout through yesterday's high.