EUR/USD hit the lower line of the upward channel in the monthly chart. But a little earlier, it was below the 138.2% Fibonacci retracement level. This scenario suggests that the pair could dip to 0.9790-1.0030 (161.8% Fibonacci retracement level) this month.

The Marlin oscillator is slightly turned up in the daily chart, most probably because it is set to leave the oversold area before moving down. The consolidation could last for 1-2 days.

And if the meeting goes without surprises, the Fed will raise rates by 0.25% next week. That will prompt the pair to rise to 1.0636/70, the lower limit of which is the March 2020 low. But if the pair dips instead, euro will decline for quite a long time.

The consolidation in 1.0825-1.0910 is very visible in the four-hour chart. The pair hit the borders in both directions, which indicates potential high volatility in the future. The Marlin oscillator is also growing strongly, so it is likely that it will leave the oversold area soon. But the end of the ongoing correction will provoke a further decline in EUR/USD.