Relative quite in the market today, before the FOMC statement and the FED funds rate announcements scheduled for later today. The EUR/USD is in need of a correction, but technicals are mixed with an almost incomprehensible--based on sustained high levels--LONG bias.
Nevertheless, it is not clear whether the market awaits the FED news to move clearly in a direction or the final result of the French elections at the end of the week. As far as trading goes it might be tempting to enter a trade tomorrow in the EUR/USD or even other EUR pairs depending on the post-FED price action.
We are still in our EUR/NOK LONG trade which shows strong support still, but a drawdown is likely depending on crude oil inventories numbers released in a few hours today. Inventories will either drag down oil prices or offer a boost, which no matter how temporary in duration, will most likely influence the EUR/NOK as well.
Nevertheless, it is not clear whether the market awaits the FED news to move clearly in a direction or the final result of the French elections at the end of the week. As far as trading goes it might be tempting to enter a trade tomorrow in the EUR/USD or even other EUR pairs depending on the post-FED price action.
We are still in our EUR/NOK LONG trade which shows strong support still, but a drawdown is likely depending on crude oil inventories numbers released in a few hours today. Inventories will either drag down oil prices or offer a boost, which no matter how temporary in duration, will most likely influence the EUR/NOK as well.
