Trading Video: Can the FOMC, US GDP, EZ CPI Break EURUSD and S&P 500?
• The upcoming 24 hours represents the peak of scheduled event risk with US GDP, FOMC, BoJ and EZ CPI
• A high level of market-moving releases, however, doesn't guarantee a currency trend - much less a market
• If the greatest density of event risk rests with EURUSD, should we expect a major break?
Expect breakouts? Use the DailyFX Breakout 2 strategy to signal or confirm setups!
The next 24 hours is loaded with high-level event risk for the dollar, euro and yen. With pairs like EURUSD, GBPUSD and EURJPY deep into breakout technical patterns is this the right combination to finally generate breakouts...and maybe even trends? There is no doubt that the items on the docket are of exceptional influence. A FOMC rate decision, BoJ meeting, US GDP, Eurozone CPI and a broader assortment of releases tap into what truly matters in the FX markets. However, we need to alter more than fundamentals and trigger a few technical levels. We need to shift market conditions from congestion to volatility and then to momentum. Is that likely today? We discuss this in today's Trading Video.
See what I expect from the dollar specifically from the US GDP and FOMC rate decision in today's Strategy Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.