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hello everyone,,
With another FOMC event upon us today at 2pm EST, we turn our attention to some key levels to keep an eye on as the shake-up begins.
Before we get into the details, I have to stress the importance of not trying to trade through this event. While it may be tempting to try and profit from the increased volatility, attempting to do so will more often than not eat away at your account. The risk far outweighs the potential reward.
With that out of the way, let’s get into the analysis.
First up is EURUSD. After a 900 pip rally from the April low, the pair has now pulled back to a level last seen on May 5th. The 1.1050 level previously acted as resistance during the months of March and April on three separate occasions and should therefore act as support moving forward.
I will remain slightly bullish here in the short-term as long as this level holds. However a daily close below it would turn me bearish and could trigger a move back to the 1.0850 level.
Summary: Watch for bullish price action on a retest of 1.1050 as new support. Key resistance comes in at 1.1260 and 1.1450. A daily close below 1.1050 would have us looking for a sell signal for a potential move down to 1.0850.
thank you
source
With another FOMC event upon us today at 2pm EST, we turn our attention to some key levels to keep an eye on as the shake-up begins.
Before we get into the details, I have to stress the importance of not trying to trade through this event. While it may be tempting to try and profit from the increased volatility, attempting to do so will more often than not eat away at your account. The risk far outweighs the potential reward.
With that out of the way, let’s get into the analysis.
First up is EURUSD. After a 900 pip rally from the April low, the pair has now pulled back to a level last seen on May 5th. The 1.1050 level previously acted as resistance during the months of March and April on three separate occasions and should therefore act as support moving forward.
I will remain slightly bullish here in the short-term as long as this level holds. However a daily close below it would turn me bearish and could trigger a move back to the 1.0850 level.
Summary: Watch for bullish price action on a retest of 1.1050 as new support. Key resistance comes in at 1.1260 and 1.1450. A daily close below 1.1050 would have us looking for a sell signal for a potential move down to 1.0850.
thank you
source
