EUR/USD Analysis (August 9)

The pair is being well capped by its daily descending trendline after a new fail below 1,44 yesterday.
The market is consolidating ahead of the important FOMC rate decision (18:15 GMT today).
A break above 1,44 would validate a long term bullish resumption with an immediate target at 1,47. We will also keep a close eye on the 1,40 key level which will be the barrier to the dwonside before talking about a possible major reversal.
It is worth noting that the EUR/USD is evolving in a long term (weekly) channel with a bottom now seen at 1,39.