Last week was the end of the correction from 1.0504, which reached just above an important resistance zone, located on levels 1,0847-64. Accordingly, the maximum target correction was completed and returned to the market declines. Ahead of the Federal Reserve meeting, which again may lead to greater volatility. However, in the longer term still applies downward trend.
The first trading hours should elapse under the dictation of the demand side, which will be willing to lead to a correction decline from the level of 1.0873. Increases should be limited in nature and should not exceed the levels 1,0600-31. Perhaps here we can see a trend side pending the meeting of the Federal Reserve. Then, after the expected correction we should go back in the direction of the last holes 1,0504-31, which break open the way toward last year's lows 1.0490 and 1,0456-60. Signal to the stronger downward movement, may be the information contained in the minutes of the FOMC.
Note: if the market will be strongly disappointed with the result of the meeting of the Federal Reserve, once again we see strong growth and perhaps a return to recent highs.
The first trading hours should elapse under the dictation of the demand side, which will be willing to lead to a correction decline from the level of 1.0873. Increases should be limited in nature and should not exceed the levels 1,0600-31. Perhaps here we can see a trend side pending the meeting of the Federal Reserve. Then, after the expected correction we should go back in the direction of the last holes 1,0504-31, which break open the way toward last year's lows 1.0490 and 1,0456-60. Signal to the stronger downward movement, may be the information contained in the minutes of the FOMC.
Note: if the market will be strongly disappointed with the result of the meeting of the Federal Reserve, once again we see strong growth and perhaps a return to recent highs.