Daily: Possible breakdown 5-6 days ago, but no follow through, 4 days ago we had a candle, just above the short term key resistance of 1,2630. Since then it has been ticking up. Mkt is waiting for the FED. To be honest I hate to bet on FED days, but frankly spkng technicals has changed a lot. Bears can be out of their comfort zoon soon again. DMI got flatline, collapsed, which means the trend is completely out of steam for now. It can still become sideaway, but looking at all other indicators this is the less likely scenario. did not turn , still pointing up. Slow turned again.
IKH components: Tenkan is above Kijun (weak ), Chikou Span hits price candles, that is a danger for bears too. The current Kumo is still thick so in case of a spike to 1,2950-1,3000 would likely be blocked initially. Upper key support now is 1,2830, lower as I wrote 1,2630. Somehow technically I gove more chance for a move from here in short term.
4 Hrs: Price is trading in a triangle. We'll soon see a breakout. Two days ago it looked rather , today it looks rather . It means in fact it is trading neutral. DMI is , especially if can climb above 20.
Price is in the Kumo, flipping around 100 . Tenkan/Kijun is weak , Chikou is above Price, but if we compare all to the Kumo, we know this set up at moment is neutral. All is calm before the storm. We have somehow more indication towards a break. If I had to chose, I would be either neutral or small long. (In fact I am small long :-) ).
Levels to watch: 1,2750-60 on the top side. Break and close above will shoot a start. Lower key is 1,2660 and most importantly 1,2630. If bears can not push price below that within next few days, they will bleed very quickly, which means we'll have 1,3000 in focus.
Do not forget: you must not anticipate anything. No one knows now which way it will move after FED announcement. It is not necessary to bet now, as entry should never be price dependent, it has to be always setup-up driven. It is a lot better to buy at higher price when you have a confirmed set-up suggesting a better risk/reward at that point for a long trade.