EUR/USD - Has Fed Hit Reset To 'Sell Rally' Idea? - 7/28/2016

FX:EURUSD   Euro Fx/U.S. Dollar
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Big events like NFP, FOMC, ECB meting etc has the power to inflict a long lasting blow. Yesterday's Fed meeting outcome was nothing new but we need to pay attention to the direction currency pairs take after such events to get a clue. For other Forex pairs like AUD/USD             and NZD/USD             we are very clear about buying the dips and no need to think twice as long as it is working with clear yield advantage on antipodean side.
In big picture, EUR/USD             is on long sideways consolidation phase between 1.0500 and 1.1500. Can't say anything definitive until one side gives up. But as things stand with confusing central bank communications and fluid global economies with surprising events taking place every other day, we need to extract pips by trading both sides without being staunchly committed to the dogmatic view.
Ok, so here is the short term buy side trade we are considering with following support levels in mind. 1.1080 ( weak ), 1.1060 ( good ) and. 1.1040 ( better ). So let's pick it up somewhere between 1.1080 and 1.1060 and see how it goes :)
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