Wednesday September 20, 2017 - 09:35:44 GMT
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The main focus today is on the FOMC policy decision early this afternoon in Washington, D.C. The central bank is widely expected to announce today that it will start to reduce its holdings of securities to more normal levels from the current crisis positions starting next month. This unwinding is expected to be relatively gradual. No rate changes are expected. Markets will be focised on any future guidance for December.
The EURUSD HOD so far has been 1.2020, while the LOD has been 1.1986. The focus remains on the pivotal EURUSD 1.2000 line which must still be established as the next support level to recharge the EURUSD advance. The yield on the U.S. 10-yr Note was last 2.236%, -0.5bp. The 2.20% level is pivotal. Use the 10-yr note yield as your short-hand sentiment barometer. Your Amazing Trader charts can provide market direction.
Forex trading conditions can change quickly, so use your AT charts to monitor current support (red) and resistance (blue) levels. The technicals often change ahead of the fundamentals. Changing colors and/or disappearing or new lines on the Amazing Trader (AT) charts will tell you which way the winds are blowing. Keep an eye on which color lines are being drawn or erased as your leading momentum indicator.
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