EUR/USD still within confines of consolidation triangle
The EURUSD is consolidating sideways in a symmetrical triangle (green converging lines). The impulse move prior to this congestion phase was a mark-down phase (down sloping blue channel). We are now assessing if the consolidation phase is of the accumulation or distribution variety. We do note that the RSI(9) has moved above 50 which is indicative of an underlying bullish momentum, perhaps hinting towards the accumulation of EURUSD. If this is the case, the pair should move into a mark-up phase when the consolidation period completes.
The FOMC will release its statement today at 7:00pm GMT and the press conference will be held at 7:30pm GMT. There is a strong possibility that there will be dovish undertones. If there are then this may give support to the accumulation side and help contribute to the transition into a mark-up phase for EURUSD.
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