themarketzone
Short

Testing major support before FOMC

FX:EURUSD   Euro Fx/U.S. Dollar
EURUSD             reached the final target zone of the bullish setup I had on it from 1.05.
1.1 was the key resistance zone I targeted as my profit taking zone and now the price is testing the 200 SMA resistance line.
We have a small potential sell zone between 1.1 and 1.11 which will be in focus this week as the Dollar prepares for the Fed's decision.
Another interesting sell zone (if the price will climb above 1.11) is 1.125-1.13 - The broken uptrend line that now suppose to act as resistance.

In the chart you can see several trading scenarios that can be in play following Wednesday's Fed's decision:

1, $EURUSD respects 1.1-1.11 resistance zone , stays below the 200 SMA line and continue lower towards Crab pattern completion.

2. $EURUSD continues higher towards 1.125 and meet the broken trend line . Sell Zone that can lead $EURUSD back to re-test the 200 SMA line as support.

Tomer, The MarketZone
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