Traders can look to possibly short the Forex majors as the Dollar rebounds from the key level of 93.170 a day before the FOMC press conference.
After attaining 93.430, the US Dollar completed a pullback to 93.170. This was level was an important resistance in the previous quarter. The current daily candle is a bearish hammer which is suggestive of another push higher. The next target is this week’s high.
With the majors resuming their downtrend a day before the FOMC, one can speculate that this should continue after tomorrow’s press conference. Price action for both EURUSD and GBPUSD is indicating a move lower to their respective hourly support levels.
Tomorrow is the FOMC rate decision and economic projection press conference. The Fed’s comments during this pressor will be key in determining the future fundamental outlook for the US Dollar and thus, important for traders to tune into.
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