As such, the dot plot is the key for this meeting. Despite a rate cut, the greenback could stay afloat, unless the provides an outright dovish surprise in the context of further easing and economic projections. Moreover, the dollar may gain support from George and Rosengren as both should dissent again at the meeting.
In this scenario, EURUSD will fail to regain the 1.11 barrier and could get back below the 1.10 figure, with the next target comes around 1.0960. But should the Fed disappoint the USD bulls, the euro will spike higher.