FOMC later today. The probability of the Federal Reserve to raise interest rate have been priced in at 98%, unless they somehow decided to hold the rates today, there be no headline movement today. However, statement from the Federal Reserve is the one that will potentially set the sentiment tone for the whole week if not the month. Will it be a dovish hike? hawkish hike? ..and many other stuff that I won't bore you with (including the stuff that even I don't understand)
If the "FOMC" later sounded hawkish to me, I will short the EURUSD and target the weekly projection low. Potentially I would even trade into the risk event (in other words, I open a trade hours before FOMC) as I will get more and more information about what is expected from the Federal Reserve today.
Technically, I am currently EURUSD bearish bias due to potential mini Head-And-Shoulders forming and 1.18000 resistance. Ideally i would love it if price could go up wee bit and test one of these levels and a Bearish Engulfing candle forms.
If the "FOMC" later sounded hawkish to me, I will short the EURUSD and target the weekly projection low. Potentially I would even trade into the risk event (in other words, I open a trade hours before FOMC) as I will get more and more information about what is expected from the Federal Reserve today.
Technically, I am currently EURUSD bearish bias due to potential mini Head-And-Shoulders forming and 1.18000 resistance. Ideally i would love it if price could go up wee bit and test one of these levels and a Bearish Engulfing candle forms.
Comment:
I will wait for the FOMC and see how the market react