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  • The Japanese Yen may yet stage a counter-offensive with the broader USD/JPY rally vulnerable while below 115 near-term. Get your $USDJPY market update from @MBForex here:
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.16% Silver: -0.15% Oil - US Crude: -2.22% View the performance of all markets via
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  • USD/JPY gives back the advance from the start of the week amid the recent weakness in longer-dated US Treasury yields. Get your $USDJPY market update from @DavidJSong here:
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  • BoC's Macklem - There is likely less excess supply in the economy than we thought there would be - Evidence suggests higher prices are not becoming embedded in expectations of ongoing inflation - reasonable tp expect reinvestment phase last until at least we raise rates $CAD
  • The @bankofcanada decided to hold rates constant at 0.25% which is in line with market expectations. Get your market update from @WVenketas here:
EURUSD Pre-News Range

EURUSD Pre-News Range

Walker England, Forex Trading Instructor

Talking Points

  • EURUSD awaits news for direction
  • Range resistance is found at 1.1049
  • Bearish breakouts begin at 1.0931

EURUSD 30Minute Chart

EURUSD Pre-News Range

(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)

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The EURUSD has opened Wednesday's trading inside of a defined Camarilla pivot range, trading between both the S3 and R3 pivot points. Current range bound conditions are to be expected as many traders are waiting on today’s FOMC meeting minutes release prior to taking new positions on markets. Currently price is trading just off pivot resistance, found at the R3 at a price of 1.1049. Prices have advanced to this point after testing range support (S3) overnight at 1.0971. These values complete the current range which measures at 78 pips.

During today’s news event any surprises may cause the EURUSD to breakout. Traders should watch the S4 pivot at 1.0931. This would signal a potential return to USDstrength and a resumption of the pair’s current long term daily trend. Conversely if price breaks above the R4 pivotat 1.1087, it would suggest the beginning of a bullish reversal on the creation of a higher high.

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning and work on your trading education HERE.

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Previous Market Setups

USDJPY Support & resistance Update

AUDUSD Morning Breakout

NZDUSD Trades to 2015 Lows

EURUSD Continues Trading in Range

USDollar Retraces to Support

---Written by Walker England, Trading Instructor

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