Yesterday in the members commentary, we talked about bears wanting to get short in the 1.10 level up to 1.11 being a key resistance zone. Today the EUR/USD touched the FOMC spike highs and sold off over 130 pips since so those who got short would have profited a nice +100 pips or more.
We suggested the first target was the 1.09 level which was touched today so congrats to those members who profited from this.
For now, the overall structure ST is still bullish while being inside a larger bear trend, so making its way towards 1.08 would help the bear scenario. If the market impulsively attacks the FOMC spike highs, then we may be set to breakout higher and attack 1.11 and 1.1166 to start a new bull trend.
A daily close above 1.11 and 1.1166 creates a MT bull trend change while pushing below 1.08 puts 1.0630 under attack.
