Wednesday, April 11, 2018

EUR/USD Is Preparing For A Corrective Drop While Waiting For The FOMC Meeting Minutes

The FOMC meeting minutes data should be released in less than an hour.
The market traditionally goes quiet before this event , trading all but dies down and begins once again only after the news come out.

Today is no different as we’ve been witnessing a sluggish market all day long.

Regardless of what the data will be, the technical analysis of the chart hints at a EUR/USD drop.
On the M30 time frame we can see a wedge and if the pair reaches its limit it should reach 1.2320, which is a strong support for the EUR.

The technical analysis also points to a renewal of the rally to 1.2420 – 1.2450 from the abovementioned support level at 1.2320.