Blake Morrow’s Chart of The Day – Forecast EUR USD
The FOMC decision this week could make or break a lot of markets, and one of them could be the forecast EUR USD. The EURUSD put in a false breakdown back in August below the 1.1700 level and allowed for a squeeze back to the 1.1900 level. We are back at that key support and a break below would be bearish for the pair. However, since it was a false breakdown last month, we’d expect buyers ahead of the FOMC rate decision this Wednesday. A close below the 1.1700 level this week could open the door for a move back to 1.1600 and possibly 1.1512 in the coming weeks. But a close above the 1.1700 level could ignite another squeeze back towards the 1.1900 level once again.