Events of the day
Today, the key event will be the Fed’s decision on the interest rates. It is expected that the Fed will leave the interest rate at the previous level of 1.75%. At the same time, investors expect the Central Bank to take an aggressive attitude. it is recommended to pay attention to the comments of the Fed’s representatives, which can point to further rates of tightening the monetary policy. But that won’t prevent traders from focusing on each line of the central bank’s policy statement for clues into the size and speed of future interest rate increases.
The Fed raised rates for the sixth time last month and promised to continue pushing them higher as long as economic growth remains steady and inflation appears to be heading toward its 2% goal, which it has undershot for most of the recovery in a reflection of weak momentum and soft wage growth.
On the daily chart, we can see that the price has reached a key support level at 1306.3 in its sideways movement, which is located at its 200-day moving average too.
On the 4-hour chart, the price is moving in descending channel bouncing from the lower edge followed by a divergence on RSI. A good entry is supposed to be taken place after breaking up this channel to target 1353
On the daily chart, the price reversed from the support zone 16.1-16.3. The price also rebounded from the ascending trend line from the low of 2015
On 4 hour chart, the price is about to break up the descending trend line as shown. Followed by divergence on RSI, the price is expected to retest 17.3
On the daily chart, the price moved according to our analysis before bouncing from the support zone 1.0475-1.0545. Breaking also a lower trend line followed by breaking the descending channel. The price has formed four dojis above the key level 1.0645. The harmonic pattern improves the chance of a bullish continuation, therefore, the price is assumed to visit 1.084.