Outlook ahead of FOMC

OANDA:EURUSD   Euro / U.S. Dollar
Hello Traders!

We're expecting the Fed's to raise the interest rates by a quarter at 14:00 EST and we're also awaiting on Powell's first speech. My bias remains bearish for the FX:EURUSD but i do expect a push higher prior to the drop to new lows given that the current rate hike is already priced in and what everyone is waiting for is the details on the plans for the year and Powell's commentary.

The institutional data we have indicates slight long profit taking activity at the Weekly/Monthly supply which emboldens our short bias.

In the case of a push higher im looking for the 1.2340 area to look for shorts but if we have a break & close below 1.2240 i will scale in my shorts from that point forward with a 1st target around 1.2180
Mar 21
Trade active:

i started to scale in
Mar 21
Trade active: We've reached the Supply zone, second entry activated with a 7.4 RR
now it's time for me to go on with my day, ill update the chart later whenever i check it or tomorrow.

Happy Trading

Mar 21
Comment: BTW!
Yes im underwater on the initial entry.
Mar 26
Trade closed: stop reached
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out