CapMoore

EurUsd Eying 1,11 Before FOMC

FX:EURUSD   Euro Fx/U.S. Dollar
140 0 2
The Rising Wedge floor held support yesterday after which price
challenged the strong resistance around 1,10 with a spike
but closed the day at 1,0990, and failed to enter the cloud.
The day has started similar to yesterday and price is back at
the DMA200, which has capped PA for 4 daya now and is now
making a good attempt to breach it..
1,1085-1,1120 is the strong resistance zone today.
Looking at the projected Kumo Cloud, it is thick and bearish .
It is not common that price breaks through and leaves behind
a large bearish projected cloud, at least no without coming back
and retesting it. 1,11 seems a tough nut to crack, but with the
upcoming FOMC anything can happen of course. A great
dissapointment and even a "as expected" outcome, all included,
may spur more profittaking from long term traders., Much is
already priced in. It will be very important how "Risk" reacts
to the outcome on wednesday (8PM Berlin time).
SSI             is still Net Short, indicating more upside at this point
Note that the SSI             reading automatically presented here
in the text do NOT show the SSI-reading presented by the
FXCM             Trading Platform, which is -1,73 Pre European Stock
Market Opening.

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