FX.co ★ Outlook for EUR/USD on May 4, 2022

Today, the Fed is going to unveil its decision on monetary policy. At present, the euro is hovering near the support level of 1.0493. It may also slide to the lower limit of the range located at 1.0435 or the targeted level of 1.0340, a low recorded in February 2017.

On the four-hour chart, the price is not taking any attempts to make false movements ahead of the FOMC meeting. It is trading under the lines of the Balance indicator and the Kruzenshtern indicator, whereas the Marlin oscillator may return to the negative area. Thus, the price may drop below the lower limit of the range shown on the daily chart. In this case, it may decline to the targeted level of 1.0340.