Snehath
Short

FOMC brings out the USD bears - An analysis on EURUSD

FX:EURUSD   Euro / U.S. Dollar
This week we had the BOJ announcement and the FOMC. Based on the reaction, it seems like the USD rate hike has been pushed back to December which lead to investors dumping there USD. The chart shows a clear bullish trend in the EURUSD             pair.

However the bullish steam can last only for so long and it is approaching the very strong resistance of 1.1270 with a shark pattern. I will look for reaction to short this market in line with the daily channel that is in place.
Comment: The Shark Pattern is complete. I am waiting for the high to get tested again with a rejection bar for a short confirmation.
Trade closed: target reached: The pair fell 65 pips to 1.12 which is a strong support. Trade should be closed here. I have turned long due to a smaller bat and will continue to hold until it challenges the high again.
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