EUR/USD: Will the FED Surprise by Raising Rates?

16 de set. de 2023

On EUR/USD, we have a bearish setup in anticipation of the FED meeting this week, specifically regarding the interest rate decision. The market has broken seven swing lows from the 1.07 - 1.0670 level, demonstrating its explosive strength. However, I continue to emphasize this simple concept: a break of a swing low signifies a show of strength, but at the same time, it's an excellent opportunity to look for long positions, essentially at the lows. In this case, on Monday during the London session, I will look for a falling wedge pattern at the 15-minute chart with a possible entry at a Falling Wedge Breakout (FVG) and a potential target at the 0.62% Fibonacci retracement level, which is at 1.071. Let me know what you think. Greetings and happy trading to everyone, from Nicola.