The EUR/USD pair fell on Tuesday, breaking the bottom of a shooting star from Monday. This is a very negative sign, and I believe that if we can break down below the bottom of the range for the session, we will probably reach towards the 1.05 level over the longer term. Every time we rally, I think there will be sellers, and we are still in a long-term downtrend. With the FOMC Statement coming out today, signs of hawkishness and continued hawkishness should send this pair lower. Expect an interest rate high during the session, but that in and of itself won’t be a major factor.
Written by FX Empire