There is another smaller pattern here on the 1Hr TF who's PRZ happens to fall right by where the pattern (red dashed line; see Related Ideas for previous post on this) would complete. So this is adding more confirmation that there will be some reaction at this level.
You can also see that according to my wave count, prices are falling right now in a ABC corrective pattern. This corrective wave follows on the heels of the previous impulse wave and corrects it. As of this post, prices are moving up in a wave B retrace of wave A. I suspect that prices will hit around the 1.10750-1.10760 area and then reverse and head down in a wave C and end at the point of the pattern completion (the 50% level on the chart) and also complete the pattern.
Then after some consolidation, prices will head up strongly in another impulse wave. This may be a great chance to get LONG for that next move up! And it may be a LARGE move! I also think that prices may head down to this level BEFORE the FOMC statement release tomorrow and linger there waiting for the news release.
BE CAREFUL THOUGH!
Although I don't trade using fundamentals, I do pay attention to them. Tomorrow is the FOMC statement release. So this will have an affect on this pair. I don't want to make any assumptions as to which way this pair will move but I just want to warn you that you need to at least be on notice of that fact and if you take any position, make sure you can handle the swings that accompany major announcements.
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