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  • So no date on taper, which is bullish but now an expected hike in 22, which takes some of the shine off of today's punt
  • I'll also note that in 2022, the four Fed officials that are expected to rotate in to the board with a vote are notable hawks.
  • #FOMC: If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted $USD $SPX $XAUUSD #trading
  • Federal Reserve: - We will keep Fed Funds Rate where it is until labor market has reached full employment and inflation has reached 2% - Indicators of economic activity and employment have continued to strengthen
  • #FOMC Projections .. Bumped up Inflation expectations and softened employment expectations (higher #unemployment) . . #Fed
  • Here is the Change in the #FOMC dot plot from June 16th to today. There are 9 participants forecasting at least one rate hike in 2022 and 9 that expect to hold. They've also added the 2024 forecast, separated from the 'Long Run'.
  • #FOMC Side-by-Side Interest rate Dot Plot September vs June #FED . .
  • $ES bouncing on the statement, about 20 handles of range so far
  • Federal Reserve: - Economy has made progress toward tapering threshold - Raised individual counterparty reverse repo limit to $160 billion from $80 billion
  • so no date on taper but warning that it's coming soon
Forex: EUR/USD Technical Analysis – Key Channel Top in Focus

Forex: EUR/USD Technical Analysis – Key Channel Top in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3672 (Apr 4 low), 1.3653 (channel floor)
  • Resistance: 1.3805-30 (channel top, 23.6% Fib exp.), 1.3928 (38.2% Fib exp.)

The Euro fell against the US Dollar as expected and we continue to monitor price action for an opportunity to enter short based on our long-term fundamental outlook. A bounce from support at the bottom of a falling channel set from mid-March has brought prices to face resistance in the 1.3805-30 area, marked by the pattern’s top and the 23.6% Fibonacci expansion. We will monitor prices for signs of downward reversal at this juncture to sell the pair. Near-term support is at 1.3672, the April 4 low, followed by the channel floor at 1.3653. Alternatively, a break upward from here aims for the 38.2% expansion at 1.3928.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-usd_body_Picture_11.png, Forex: EUR/USD Technical Analysis – Key Channel Top in Focus

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.