EURUSD Consolidates With Downside Bias Ahead Of FOMC Meeting Minutes!

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Intraday outlook in EURUSD has turned neutral at the moment , printed resistance at the 1.1144 levels and bottomed at the 1.1061 levels.

On the downside, a failure to hold above the 1.1144 levels on a 4-hour closing basis could mean a return to the 1.1061 levels where a cut will open 1.1025 next, a halt is very likely but further down will target the 1.0900 levels.

On the upside, sustained breakout above the 1.1144 levels will confirm short bottoming and turn outlook neutral for retesting 1.1216/1.1297 levels before the next fall..

In all, as long as 1.1144 resistance holds on a 4 hour closing basis , Intraday outlook in EURUSD remains on the downside towards the 1.1061/1.1025 levels, above 1.1144 sees a recovery risk towards the 1.1216/1.1297 levels…

Today, focus will be on FOMC Meeting Minutes , If the Fed leaves things the way they are, I think EURUSD could return to the upside towards the 1.1297 levels where a breach will recapture 1.14460 levels. but in return,If the Fed makes critical changes today – not only giving promises and talking abound expanding- but that scenario sounds unlikely, however;If seen, the USD will continue rising !!!!!!!!

If you wanna risk a bit , you may long EURUSD around 1.1100 levels, stop at 1.1000, target 1 : 1.1297, target 2: 1.1450….

EURUUSD_H4_May_20_2015

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