The U.S. dollar advanced pre-FOMC and short traders in the EUR/USD and GBP/USD profited.
The Federal Reserve left their main interest rates unchanged and made clear it was nowhere near exiting its massive support for the economy.
Technically, we saw the EUR/USD testing its support at 1.2058 from where buyers were swooping in. If price falls below 1.2050, we pay attention to a lower target at 1.1950. Bulls should however wait for a renewed break above 1.2160.
The GBP/USD declined amid the market’s setback and short traders may wait for a break below 1.3635 in order to sell pounds towards 1.3580-50.
Elsewhere, the DAX dropped like a stone and we now focus on the lower support around 13300. Below 13240 a next crucial level will be 13000. On the upside we see a resistance at 13900 that could limit near-term upswings.
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Long @ 1.2140
Short @ 1.2080
Long @ 1.3710
Short @ 1.3635
Long @ 13620
Short @ 13410
December 2020: +318 pips
November 2020: +75 pips
October 2020: +432 pips
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