Just after the FOMC news that shook the markets on Wednesday night, we saw EURUSD take a 280 pips bearish fall.
What should we expect now?
Well, after a push phase or impulse move comes a correction. Price action shows that we should see a short-term correction before another impulse surfaces.
Where could the correction end?
The most recently broken support of 1.2000 now serves as resistance to hold price before another fall. The 50% fib retracement also matches the same area. We should keep our eyes stern, watching out for this area.
The current hourly and 4-hour timeframe suggests a downtrend. We should be clicking sells at the right opportunities.
What should we expect now?
Well, after a push phase or impulse move comes a correction. Price action shows that we should see a short-term correction before another impulse surfaces.
Where could the correction end?
The most recently broken support of 1.2000 now serves as resistance to hold price before another fall. The 50% fib retracement also matches the same area. We should keep our eyes stern, watching out for this area.
The current hourly and 4-hour timeframe suggests a downtrend. We should be clicking sells at the right opportunities.
