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All of the major currencies are trading quietly ahead of the Federal Reserve’s monetary policy announcement. The U.S. dollar is slightly lower which implies that investors are wary of how much support the central bank will provide to the greenback. Lets take a look at the various FOMC events scheduled for today and what forex [...]
Top Trade Ideas
The FOMC could make like harder for EURUSD above 1.34 The EUR has been one of the top three performers versus the dollar in the G10 over the last month. It has traded in an uptrend ever since Fed chairman Ben Bernanke announced that the Fed could taper asset purchases during his testimony to Congress [...]
By Ilya Spivak
Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair has now completed a bullish Morning Star formation above support at 93.88, the 76.4%Fibonacci retracement, hinting at gains ahead. Initial resistance is at 95.76, the 61.8% level, with a break back above that eyeing trend line support-turned-resistance at 96.26.Alternatively, a reversal beneath support exposes swing lows at 92.56 and 90.84.