EURUSD Potential Correction and Bearish Continuation
FED went rate hike with a 25 basis poin as expected, bringing the rate to 2.25%. The Fed’s current dot plot of rate hike expectations also shows another rate hike likely in December, also as expected, with three more rate hikes to come in 2019 and at least one more in 2020.
Shorter term overview:
EURUSD broke the 1.17270 support. Tested 1.16880 MM extremely oversold line. A bearish crab pattern is confirming a potential correction.
The pair is likely to make a correction and retest the broken support at 1.17270.
A firm closing below 1.17270 after retest will carry the price 1.16888 and 1.16500.
US GDP is scheduled to release today. Fresh direction will be determined by the data outcome.
You can follow the trade setup : EURUSD CORRECTION
Update: We have reached our target. We close this trade with 120 Pips
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
EURUSD : Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.