Following the strong U.S. GDP data, EURUSD dropped to the 1.1450 support level. This area is significant, as it marks the convergence of the 23.6% retracement from the January–July move and the 50% retracement from the May–July move.
While the FOMC decision will ultimately shape the direction, from a technical perspective, a long position may offer a favorable risk/reward setup at current levels. A stop just below the key support would help manage downside risk.
While the FOMC decision will ultimately shape the direction, from a technical perspective, a long position may offer a favorable risk/reward setup at current levels. A stop just below the key support would help manage downside risk.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.