This pair is likely to be interesting to trade after the FOMC release.
I wrote on Tuesday last week that with the price falling firmly to a new 15-month low, along with the EUR/USD currency pair, it was hard to see an up day: I expected a down day or a period of consolidation, with the best opportunity likely to be a short trade from $1.3141.
The price then fell again to new 15-month lows but found support on Monday and Tuesday at the psychologically huge round number at $1.3000. The hourly chart below shows this has begun to look like a bullish reversal as we have clearly seen higher highs and higher lows since that level was touched. if there are no major surprises. If so, this suggests we may see a meaningful rise from here despite the long-term bearish trend.risk reward ratio
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