The EUR/USD is waiting for the FOMC decision today. The FOMC statement will bring additional volatility in the pair.
The FOMC statement is among the primary methods the Fed uses to communicate with investors regarding monetary policy. Future monetary policy is often read between the lines and it creates additional volatility. 1.1220-1.1230 is the zone where the EUR/USD has been rejected while 1.1170-80 is the zone for a possible bounce. Breakout above or below the zones should create a breakout setup. However if the price doesn’t break the POCs then bounces/rejections will happen.
Above 1.1235 the target is 1.1260. Below 1.1170 the target is 1.1135.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX