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Forex Trading StrategiesStronger dollar after FOMC!
The Fed hiked 25bps as expected for the 15th in a row and leaves the paragraph on the policy outlook unchanged.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US ABC Consumer Confidence Index out at -7, vs. a reading of -8
â€˘ Japan retail Trade Feb, out better than expected at 1.0% vs. 0.8% expected
â€˘ Japan's Large Retailers Sales Feb, -1.9% vs. -1.0% expected
â€˘ BBK Vice President and ECB nominee Stark has said the German recovery has strengthened and broadened
THEMES TO WATCH â€“ UPCOMING SESSION
We are pretty much back to square after the FOMC statement with policy outlook unchanged from former Chairman Alanâ€™s Greenspanâ€™s last meeting in January, while adding more detail by the economy by predicting slower growth after this quarter. But it was also noted that â€śsome further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balanceâ€ť the Fed said in its statement after meeting yesterday .
Where does that leave EURUSD for the remaining part of the week? Well, we are still stuck in a range, but a break of 1.1949 support and daily 100 day MA, should take us minimally to the 1.1880 area. For the upside which looks limited a close above 1.2040 is needed to change the current technical bearish bias.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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