After the FOMC the euro takes another upside leg as the shackles come off
Old Teflon in back in the game as we post yet another big figure high
1.1249 is the latest high for the euro, though we've dropped back to support at 1.1180
EURUSD 15m chart
Looking at the daily chart we've hit an area of previous resistance on the way to the 1.04 lows and that's turned out to be strong so far. Above that we have another area around 1.1290
EURUSD daily
1.1115/20 marks a good lean point for dip buyers, while the 1.1070/80 area holds support too ahead of the stronger 1.1040/50 level
From hearing comments today, the general market sentiment seems to be switching to a bullish tone for Europe. That could well be enough to maintain the bullish run the currency is on but it will be quick to turn if the data doesn't match that sentiment or if the US economy turns higher. What it does do is keep the volatility up which is good for trading
I also want to highlight Adam's post from yesterday on what could be a major reason behind the moves also