Outlook ahead of FOMC
Updated
Hello Traders!
We're expecting the Fed's to raise the interest rates by a quarter at 14:00 EST and we're also awaiting on Powell's first speech. My bias remains bearish for the
EURUSD but i do expect a push higher prior to the drop to new lows given that the current rate hike is already priced in and what everyone is waiting for is the details on the plans for the year and Powell's commentary.
The institutional data we have indicates slight long profit taking activity at the Weekly/Monthly supply which emboldens our short bias.
In the case of a push higher im looking for the 1.2340 area to look for shorts but if we have a break & close below 1.2240 i will scale in my shorts from that point forward with a 1st target around 1.2180
We're expecting the Fed's to raise the interest rates by a quarter at 14:00 EST and we're also awaiting on Powell's first speech. My bias remains bearish for the
EURUSD but i do expect a push higher prior to the drop to new lows given that the current rate hike is already priced in and what everyone is waiting for is the details on the plans for the year and Powell's commentary.The institutional data we have indicates slight long profit taking activity at the Weekly/Monthly supply which emboldens our short bias.
In the case of a push higher im looking for the 1.2340 area to look for shorts but if we have a break & close below 1.2240 i will scale in my shorts from that point forward with a 1st target around 1.2180
Trade active
i started to scale in
Trade active
We've reached the Supply zone, second entry activated with a 7.4 RR now it's time for me to go on with my day, ill update the chart later whenever i check it or tomorrow.
Happy Trading
Note
BTW! Yes im underwater on the initial entry.
Trade closed: stop reached
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