Your guess is as good as anyone elses... EURUSD has gone stop hunting and no better time than before a FOMC meeting where everyone is a touch nervous. I added a small long to my initial long and let see what happens tonight (my time) - I'm guessing measured stays in and Greenie stays as predictable as normal.
Everyone publically says that they're convinced "measured" will stay in, and then they turn around and hedge (which is normal, I suppose). I've shorted EUR up until today ever since mid last week. But I'll close out and stand aside for the announcement. My bet (note: bet) is that the EUR will turn right around again when "measured" is in there. However, people are now popping up that are dispelling rumors of any ECB rise before the summer's end - whereas they were claiming it was possible in the beginning of last week. Keep in mind with this next Fed rate, you'll actually make money selling EUR against USD. That in itself might be a signal. Of course, everything I say here might be as accurate as the 8-ball.
I suppose it depends on your frame of reference - long term the trend most definitely is up. I'm looking for basing and then assume futher up will commence. At the end of the day its all educated guesses to me.... I don't think anyone else knows better than me and is pretty much also taking a bet (I prefer Ivanovich's term)