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Now what after the FOMC announcement? - EUR/USD recovering?

Posted on September 16, 2008 at 22:17 in Uncategorized by Pierre Charlebois

After much gyration in the price immediately following the FOMC minutes release, we are now back at a greater level prior to the news.

This suggests a bottom may have formed on the pair. As I stated in my previous post, the trend-line on the one hour chart could be the place to consider the trend as going up. A break above should result in a new high. A break above 1.4450 should deliver the pair to $1.50.

Conversely a break below $1.41 would provide an opportunity to sell with targets near the low at 1.3878

So watch these levels and trade accordingly.

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