This is the key moment for the DXY and EURUSD which will probably determine the FX market direction in the next few weeks and months. The DXY is intensively pressing the key upside break 92.60 level, which could lead to a test of 94.60 level on the upside, this is more visible on a weekly chart.
From the daily chart, we can see that today ahead of the FED decision 92.60 level is being tested, and you should wait for a daily close and tomorrow close for a confirmation of a possible break above this level.
This is the part of our top-down trading technical analysis which we always begin with the DXY. EURUSD as the DXY is pushing above the 200 SMA is pushing below the 200 SMA 1.2000 level. If we will see a clear daily close below this level today it could mean that the pair has opened an extended dowsnide continuation and traders should look for the short trade entries.
Happy trading! (click on the chart to enlarge it)
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