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From the Floor: Dollar sharply lower after FOMC

Wednesday's FOMC outing showed the Powell Fed to be less model-driven than its predecessors, but the lack of any language confirming four 2018 rate hikes sent the dollar plunging lower.

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Squawk / 26 May 2016 at 5:50 GMT

AlanCollins

Partner at 3 C ANALYSIS / 3cAnalysis

United Kingdom

EURUSD - Temporary bounce incomplete?
Although the background remains dominated by a bearish Falling Three pattern there was limited movement in EURUSD Wednesday. The downside stalled at similar levels to the previous day (above the 200 day line but below the 100 day avg) but was unable to attract significant profit taking. This emphasises the underlying tone but in the immediate term Asian demand has built upon the limited profit taking and is likely to extend in Europe.
There is scope to 1.1201, 1.1228 and 1.1246 and only below this week's low renews negative sentiment.

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