Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.2863)
After the FOMC announcement, the euro once again broke sharply lower. We see short term support no lining up in a congestion area that runs from 1.2860 to 1.2870. A daily close below these levels is a bad sign and will open the door for 1.2795 then 1.2760.
Should the euro reverse, we need a move back above the level at 1.30/1.2998 to make a challenge on 1.3060 then 1.3080.
GBP/USD (1.62642)
The Sterling is trading flat. We are consolidating and waiting for direction after making an expected up move versus the dollar. We need a close above 1.6310 to challenge 1.6410. The level of 1.6410 is at a falling trend line, see below daily MT4 chart.
A break above the trend line will target 1.6460 then 1.6480, a closely watched congestion area. Should we move lower, then we need a close below 1.6220 which will then challenge the support congestion zone near 1.6090 to 1.6050.
With the Scottish referendum looming, we have a lot of uncertainty and hesitation. Buyers are scared to buy and sellers are afraid to sell. This means we could be waiting for directional moves until after the vote.
