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EUR/USD before FOMC – Pay Attention to 1.1085

EUR/USD before FOMC – Pay Attention to 1.1085

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD before FOMC – Pay Attention to 1.1085

Chart Prepared by Jamie Saettele, CMT

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-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.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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