Markets are slow ahead of FOMC statement and the rate decision. We do not expect any change in the policy from the FED. Therefore, the USD and stock prices are expected to strengthen further. On EURUSD we still see wave 4 in play which can be limited on the upside if it’s a triangle or we may see a more complex wave 4 that will rise to 1.1100 before the downtrend will continue. But we know one thing; that the price action is corrective and that sooner or later weakness will continue.
EURUSD, 1H
German DAX is higher today, currently breaking above the minor downtrend channel so it looks like the price can be headed straight to the upside towards 11000 psychological level with wave (v).
German Dax, 1H
