Chart Of The Day: EUR/USD
Blake Morrow | Sep 20, 2021 06:10PM ET
The FOMC decision this week could make or break a lot of markets. One of them could be EUR/USD. The pair 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 would 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.
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