EURUSD has just fallen below the key phycological level of 1.131 and is currently trading around the 1.128 area. Today at 7pm GMT the chair of the Fed will speak in the FOMC minutes regarding rate hikes and inflation. A lot of investors believe there will be movement across USD pairs in the run up to the meeting. The current bias is bearish as many believe there is nothing positive that will come out of the Fed today, thus the long Euro Dollar bias. The RSI levels on the daily and 1hr time frame are at very oversold conditions (<10) which indicate that a movement to the upside is possible from these current levels. The target of this trade is located at the 1.312 level, with the stop-loss area located 0.5% below the current level at 1.1223.