The USD is weakening across the board while the market waits for the FOMC Rate statement, due to be released this Wednesday. Volatility is expected.
The EUR/USD, performing exactly as we expected, broke above 1.3220 and continued higher, almost reaching our 1st target at the 1.34 strong resistance area where it will also hit the 200 SMA on the weekly chart from below.
We believe that pretty soon it will break above this level and continue towards 1.37, followed by 1.3950.
The GBP/USD, as we predicted, broke above 1.5720 and climbed towards our 1st target at the 1.60 area. We still expect it to continue higher towards our 2nd target at 1.62. Some downward correction is possible and can be used as a buying opportunity.
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