The FOMC put new strength into the US dollar.
January that I had no bias on the day’s direction. I was looking to scalp reversals from $1.1317 or $1.1352. This was a pretty good call as the price mostly remained within these boundaries during the London session and it may have been possible toThe technical picture today is very clear – we have a bearish situation whose immediate trigger is yesterday’s more hawkish than expected policy statement from the US Federal Reserve.
The Fed showed it is more worried about inflation than before and Jerome Powell evaded questions about a faster pace of rate hikes. This has boosted yields on the US dollar and made it a more attractive currency to buy. We have seen the results over the past few hours, with the price falling firmly and cleanly to new lows as it broke through several likely support levels.
It may be that the market will pause or be affected by US Advance GDP data today if the number released is a big surprise. Yet it seems very unlikely we will see anything other than a strong US dollar today. For this reason, I am looking to only take short trades in the EUR/USD currency pair today.that can give swing traders good opportunities to enter after a retracement and failed test from below.Concerning the USD, there will be a release of Advance GDP data at 1:30pm London time. There is nothing of high importance scheduled regarding the EUR.
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