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Watching EURUSD Going Into FOMC

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We saw an extremely quiet market today, which is typical considering tomorrow’s FOMC statement. Here are the pairs I’m watching going into the next 24 hours.

Note: Keep in mind that these are “wait and see” setups. As usual we never want to rush into the market without seeing a price action signal. But this rule is amplified when going into a period of heavy event risk, as is the case for the remainder of the week.

EURUSD recently broke out from a bear flag pattern on October 22nd. Since that time the pair has trended upward and now rests at a key resistance area that resides between 1.2750 and 1.280.

This area is represented by former channel support, trend line resistance from August 15th as well as a recent key horizontal level at 1.2750.

The “event area” is fairly large going into the next 24 hours due to the expected increase in volatility. It’s important to allow the market to settle after tomorrow’s events before making any further considerations.

The next support area comes in at the recent lows around 1.250 with a key support zone between 1.220 and 1.234.

Summary: Watch for bearish price action between 1.2750 and 1.280. Be sure to wait for the market to settle after tomorrow’s events before making any decisions. A close above this area would negate any short opportunity. Support comes in at 1.250 with a stronger, key support zone between 1.220 and 1.234.

EURUSD 4 hour forex chart

AUDUSD analysis

AUDUSD daily forex chart

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