The story remains the same from this morning...
The technical picture and levels have not changed that much from this morning's post with the exception that the pair took a look below the 100 and 200 hour MAs (blue and green line in the chart below) but bounced back.
The low today, held above the upward sloping trend line and is trading around the 50% of the weeks trading range at 1.12588 level.
On a hawkish FED (September tightening pre-announced) there should be a move below the 100 and 200 hour MA, lower trend line 50% of the move up from the Employment low at 1.1217 and then low for the week at 1.1188 and low from last Friday at 1.1150.
On a "same ole, same ole Fed", the high for the day at 1.1291, the topside trend line (at 1.1309 now) The high from yesterday at 1.1329 and then 1.1350 and the month high at 1.1386.
Follow the blue and green circles in the chart above. They are the most obvious targets I see. How about you?
Look for corrections AFTER the news for entry against a level (define and limit risk), but understand the news. There is a lot of stuff including the dot plot (at 0.625% last time) and the central tendencies. Below is the snapshot of those tendencies last month.
