Looking at the upcoming Wednesday session, without a doubt the most important announcement to us will be the FOMC Meeting Minutes. With that, we could see a significant amount of volatility in the US dollar, so this of course will have a pretty significant chance of move in the Forex markets.
The EUR/USD pair broke down a little bit during the session on Tuesday, but still has the chance of making an ascending triangle, which of course is a bullish sign. Is because of this that we need to see the EUR/USD pair break down below the 1.08 level in order to serve buying puts again. With that, we would be more comfortable than buying, even though the ascending triangle could still be important. This is simply because the trend would be with us at that point in time, and we believe the market would then head to the 1.05 handle.
EUR/USD
Looking at the FTSE, you can see that we broke out above the 6900 level on Tuesday. This is a good sign, and any pullback at this point time should be a call buying opportunity off of short-term charts. We have no interest in buying puts, and we do believe that the FTSE breaks out to the upside and to a fresh, new high soon.
Silver markets continue to bang around between 17.50 on the top, and 16.50 on the bottom. With this, you can buy puts and calls at the extremes of the range, but just for short-term trades. Silver seems essentially stuck at the moment, so we are not expecting anything in the way of a major move soon.