EUR/USD has
been in consolidation since Monday after the pair formed a doji candlestick on
the four-hour filter chart. Currently it is testing the resistance at 1.0660,
but I highly doubt it will be able to break above that resistance before the
announcement of the FOMC’s rate decision later today. Personally, I think that
even if the announcement causes a move to the upside it will be only
temporarily and the pair will eventually continue down on its way to parity, as
the bearish trend is not over yet.
Very useful, thank you.
ReplyDeleteEURUSD had a high volatile session yesterday with a 467 pips range after Fed's monetary policy statement. The Dovish tone coming out from the Fed’s statement triggered a short squeeze pushing the pair to 1.1034 so today should be a digestion day, meaning that the price should stay inside the previous day range.
ReplyDeleteWhat a rally.
ReplyDeleteIndeed an impressive explosion!
ReplyDeleteThe dollar recovered post-FOMC.
ReplyDeleteThis could trigger a downward phase for further declines in EURUSD.
ReplyDelete