The market showed little sign yesterday, of approaching either of our DCZ’s – 1.3815 OR 1.3700, the consolidation area into which it has now settled. The day’s gain of 7 pips in a 59 pip range, spoke more of the anticipation of the Fed’s announcement today, than it did of intent yesterday. We attempted to Free Trade the Red News, placing both Long & Short orders in the preceding hour. We succeeded only in getting the Short triggered prior and closing just before the announcement at negative 2 pips. Worth the try with no harm done.
For the record, Pivots are in Bullish formation with Daily untested below Price Action. Therefore, I have a Long bias but am waiting for a DP test as well. The last Fed Statement for 2013 will, in my opinion however, cause the market to largely ignore the Technicals today, as it waits for any “Tapering” announcement.
The Day Ahead
Taking much care not to get caught in speculation on the News today but a DP Test Short might grab my attention, should the setup occur.
High Impact News – CET
|10:00am||EUR||German Ifo Business Climate|
|8:00pm||USD||FOMC Economic Projections|
|8:30pm||USD||FOMC Press Conference|
Watchful Wednesday guys
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