The FOMC Statement Certainly Had An Effect

The FOMC statement certainly had an effect because EUR/USD fell and fell hard without even reaching the resistance at 1.2830 first. It is currently trading at around 1.2580 and I am assuming that it will eventually reach target 1.2500. What will follow next is up for debate, however. Will it form a double bottom and bounce back or will it break below the support at 1.2500 to head even lower? Personally, I still think the long-term target is 1.2200, but we cannot say anything for certain before we see what happens around the 1.2500 level first.