EURUSD: My FED Day Outlook

As many of you know today is FED day as the FOMC has its Interest rate Decision & Statement coming out today at 2pm (New York). The expectation is that there will be no changes made at this particular time so most of the “volatility” and “reaction” will be based off of the tone of the statement as trader hunt for any clues of when the rate hike may occur.
This is one of those fundamental events that I stay away from as we can potentially see some massive moves and larger spreads during those moves. Ever been stopped out of a position without your stops actually being hit? Yup!
Although I won’t be trading during it, I still like to perform my technical analysis and see if I can predict where price action may shoot too after all of the madness is said and done. After all I firmly believe that the technicals tell you where the market will go and the fundamentals just help push it there faster.

To the bearish side I have a potential Gartley pattern on the daily along with a level of previous structure support which could prove to be a good holding area. While to the bullish side I’m still eying up the intermediate level of resistance that we were looking at in yesterday’s trading session. (Here’s the video in case you missed it www.youtube.com/watch?v=EILqWnNz...

There’s more resistance to the upside but its way too far to be attacked today as it’s over 400pips away….but hey you never know, that’s why I don’t try and predict these things.

Akil Stokes
Chief Currency Analyst at Trade Empowered
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Comment:

That was fun "Watching the FOMC Statement Live" www.periscope.tv/w/a...aJjuRN_8SvGhBfmVbZgn

Comment:

The periscope is only up for 24 hours