EURUSD Short - Support flipping to resistance going into FOMC

Pricing has fallen out of the rising channel, under the 200 SMA and now broken through the first support level.

With a retest currently playing out, there could be a flip from support to resistance and push price south.

US FOMC meeting is on Wednesday, so this could dictate the direction of this pair. With a hold or cut, there could be a sell-off on the USD. Alternatively, if they surprise with a hike, the USD strength will kick off again.

One to watch..

Trade ist aktiv:

Support level flipped to resistance, and price is heading south. Next major level at support 2

Kommentar:

Coming into the 2nd support level

Kommentar:

RSI is now oversold, so with price around support as well, there might be a bounce incoming.