Entry date - 18th March
Major Event of the day :- FOMC statement.
daily PIP Movement :- 464 Pips
The down rally that started on Feb 26th at 1.1380 and continued till 13th March upto lows of 1.0464 (almost a 916 pip rally). The reason for this rally was ECB's QE programme and the announcement of a rate hike in the near future owing to the strong NFP data and reduction in employemnt rate on the 6th of March.
The pair attained its expected lower limits at 1.0500 and waited for further indications to a downside. The next down side target lies at 1.02350 and then at 1.0000 .
(This can be considered a classic example of sell the rumour buy the facts).
THE FOMC watered down its expectations and will act accordingly to hike and is in no hurry which caused the market to rally up.
Technical analysis of the move :- The pair did attain the levels of the 50% retracement from the 1.1545 to 1.0464 at 1.1000. It went upto 1.1041.
The pair then receded below 1.0870 the 38.2% levels of the larger range.
Major Event of the day :- FOMC statement.
daily PIP Movement :- 464 Pips
The down rally that started on Feb 26th at 1.1380 and continued till 13th March upto lows of 1.0464 (almost a 916 pip rally). The reason for this rally was ECB's QE programme and the announcement of a rate hike in the near future owing to the strong NFP data and reduction in employemnt rate on the 6th of March.
The pair attained its expected lower limits at 1.0500 and waited for further indications to a downside. The next down side target lies at 1.02350 and then at 1.0000 .
(This can be considered a classic example of sell the rumour buy the facts).
THE FOMC watered down its expectations and will act accordingly to hike and is in no hurry which caused the market to rally up.
Technical analysis of the move :- The pair did attain the levels of the 50% retracement from the 1.1545 to 1.0464 at 1.1000. It went upto 1.1041.
The pair then receded below 1.0870 the 38.2% levels of the larger range.
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