Not long after the trend on EUR/USD hourly, as signaled by the angle on the 50MA, changed to up yesterday, it then reversed back to down today. Hence, any attempt to buy on a pullback today based on the uptrend previously identified would've resulted in a loss.
I suspect this choppiness is due to uncertainty prior to the Fed's decision tomorrow as well as Jerome Powell's first news conference as Fed chair.
Technically speaking, we should be shorting on a wave 2 pullback in this newly emergent downtrend. But news can override the technicals. So it will be best to wait until after the decision and press conference tomorrow.
I suspect this choppiness is due to uncertainty prior to the Fed's decision tomorrow as well as Jerome Powell's first news conference as Fed chair.
Technically speaking, we should be shorting on a wave 2 pullback in this newly emergent downtrend. But news can override the technicals. So it will be best to wait until after the decision and press conference tomorrow.
