Exactly in accordance with our strategy, the EURUSD pair fell towards 1.1740-1.17 support area and is now challenging yesterday's highs and resistance levels after the FOMC meeting. The up trend in EURUSD is not over. Our nearest target is 1.20 and we remain bullish.
Yellow rectangle - support area
Magenta line - expectation
So far so good. The price has pulled back towards our yellow rectangle area, and after the FOMC the bounce has started. The price is about to break the recent highs and continue its bounce towards the cloud resistance of 1.20. As long as we are trading above yesterday's lows I will remain bullish on EURUSD, expecting 1.20 as my minimum target.
