It's All About The Fed Today
4H Chart
Daily Chart
All eyes are headed towards the Federal Reserve's decision today, which is likely to have a notable impact on the markets, depending on what the Fed decides to say. For the past few weeks, the Fed kept sending out the same message to the market through its members. Inflation is transitory and the economy still needs substantial support. The biggest question remains is when the Fed will start tapering? In today’s decision, this is what the market will be looking for, any hints about tapering this year would clear the way for the US Dollar to break higher. Otherwise, another leg lower would be highly possible to retest 92.0 followed by 91.60’s support area.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 91.49 | 92.01 | 92.22 | 92.53 | 92.74 | 93.05 | 93.57 |