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EUR/USD breaks higher following FOMC
First the Bank of Japan and then the FOMC; EUR/USD seems to have been a significant benefactor of central bank action over the past 24 hours. However, despite these gains, the recent rally has played into the wider creation of lower highs, as encompassed by the descending trendline of resistance.
With that in mind, we are looking for short opportunities upon seeing further short-term gains. The difficulty is in knowing which of the two swing highs to respect, be it $1.1284 or $1.1327. As such, the resistance zone between $1.1246 and $1.1279 should provide a reversal lower for a continuation of this recent descending triangle pattern. An hourly close above $1.1284 would negate this bearish view.