The Euro is at the bottom of its normal range. It seems to be undervalued relative to the US Dollar and should rise from here. However, the expectation that US interest rates are to increase while ZIRP and QE continue to apply in the Eurozone puts pressure on the Euro to sink rather than rise. The fact that US interest rate rise is not now expected until December probably indicates that the trend of EUR/USD will be hesitantly upwards for the moment.