The results of yesterday's Fed meeting disrupted plans for market participants who are already prepared to sell the euro. FOMC members have specifically expressed their plans for the rates - an increase is not expected for this year and there can be only one increase in 2020, by 0.25%. The Fed also decided to complete the balance sheet reduction by October of this year, which is also a "soft" measure of monetary policy. As a result, the euro grew by 73 points, bringing the technical picture in a highly unstable state.
To resume the euro's decline, the price must return to the accumulation range, from which growth occurred (1.1324/60), but a more accurate signal can be obtained after the price leaves the four-hour MACD line. The marlin oscillator, being a leading indicator on H4, does not provide any clarity; the existing hint of divergence can be easily modified into a local discharge with subsequent growth. It remains to wait until the market itself shows its intention through signal levels.
The material has been provided by InstaForex Company - www.instaforex.com