EUR/USD before FOMC – Pay Attention to 1.1085
Chart Prepared by Jamie Saettele, CMT
High Frequency Trading Ideas and Traits of Successful Traders
-Bigger picture, “EUR/USD may be preparing for a substantial mark-up as noted in this weekly report. SSI has flipped to negative, which is viewed as a positive for price.” The most recent rally failed at trendline resistance after ECB. The 200 day average, which has been support since August, is being put to the test now but pay attention to 1.1085 in the event of a negative reaction after FOMC. As explained here, this is the longest consolidation ever for EUR/USD.