Chart of the day: EUR/USD

Blake Morrow Forex Analytix

The FOMC decision this week could make or break a lot of markets, and one of them could be the EURUSD. The EURUSD put in a false breakdown back in August below the 1.1700 level and allowed for a squeeze back to the 1.1900 level. We are back at that key support and a break below would be bearish for the pair. However, since it was a false breakdown last month, we'd expect buyers ahead of the FOMC rate decision this Wednesday. A close below the 1.1700 level this week could open the door for a move back to 1.1600 and possibly 1.1512 in the coming weeks. But a close above the 1.1700 level could ignite another squeeze back towards the 1.1900 level once again.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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