The 4 hour timeframe has seen two attempts and rejections of the 1954-1953 level today, one before news and one during news. This is very significant because it means despite there being volume and volatility in the markets, it was not enough to push past the buying pressure meaning any selling here was immediately being taken by bulls to push price back up.
With this in mind and taking into account the daily candle closing bullish, it would not be a surprise to see the 4h chart retrace slightly before creating a new leg up testing the 1970 level and above. FOMC later on in the day means volume will be low until after a decision is announced, primarily due to the fact the market has already priced in a 25bps hike.
With this in mind and taking into account the daily candle closing bullish, it would not be a surprise to see the 4h chart retrace slightly before creating a new leg up testing the 1970 level and above. FOMC later on in the day means volume will be low until after a decision is announced, primarily due to the fact the market has already priced in a 25bps hike.