The Fed Meeting Due Today, So What Will The Dollar Do?

Markets to Watch

The S&P 500, EUR/JPY, and EUR/USD markets are in focus today.

S&P 500

The S&P 500 remains undeniably bullish above the rising weekly trendline. However, ahead of the Fed and the end of the month, traders may want to pay attention to this week’s candlestick. If the S&P 500 posts a bearish candlestick, the market will form an evening star, which is a bearish pattern with huge implications for the weeks ahead. The previous week’s doji candlestick signals uncertainty, so caution is needed ahead of the Fed.

EUR/JPY

The EUR/JPY cross broke higher yesterday, triggering some stops on its way up, and an ascending triangle formation points to even higher levels to come.

EUR/USD

The EUR/USD pair broke downwards through the rising channel at the opening of today’s London session, in a sign that investors are willing to book some profits ahead of the Fed. Should we see a hawkish dollar statement, the 1.20 level attracts.

Winners and Losers

The Japanese yen remains well offered, while the euro continues to be bullish.

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Disclaimer: None of the content in this article should be viewed as investment advice or a recommendation to buy or sell. Past performance/statistics may not necessarily reflect future ...

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