EURUSD Short-term trading plan ahead of the Fed.

The pair has been pulling back again following a short-lived rebound above the 4H MA50 (blue trend-line) in March 09. The new structure is similar to the bearish patterns of January 14 - 26 and February 04 - 23. Both ended up testing at least their 1.786 Fibonacci extension, since they failed to make a Higher High above their Top.

Ahead of Wednesday's Fed Rate Decision, our trading plan is to sell if a 4H candle closes below the 1.0900 Support and target the 1.786 Fibonacci extension at 1.07260 or buy if the 1.11253 High breaks and target first the 4H MA200 (orange trend-line) and if a closing above it is achieved, extend buying towards the 1.14970 Resistance.

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