28 Nov 2016

EUR/USD WAITING ON FED

EUR/USD WEEKLY

The rate finished the last week with yet another false breakout. As I've stated before it is very likely the rate is going to trade within the 1.0600-1.0800 range (the symmetrical triangle lower boundary and and former support/new resistance) until the Fed rate decision on the 14th of December, thus creating some kind of bearish pennant/flag formation, before making a final decision whether to continue trading within the larger triangle or making a downside break.

Any breaks before the meeting should be looked at with a lot of skepticism.





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