EURUSD & GBPUSD Trade Higher Ahead Of crucial FOMC Meeting
Today is the FOMC most important rate decision in years. The FED could lift rates, but in my opinion, chances for this are very slim; there is just too much risk involved. If they wanted to hike, then they should have done it a few months back, definitely, before the PBOC devalued their currency compared to the USD.
Technically speaking, we may see a first reaction against the buck today. On EURUSD hourly chart we see wave C up in progress, which can spike to a new high and complete wave (Y) of a complex correction around 1.1400. We will be looking for a bearish turn in that region.
EURUSD 1h Elliott Wave Analysis
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