We saw prices reach the symmetrical triangle objective of 1.5625 yesterday and stop just short of the 78.60 retracement zone @ 1.5659. Buyers continued the momentum this morning and so far have pushed prices past the MR1 @ 1.5689 and are knocking on the door to reach the 5/14 High of 1.5800. We have sustained a nice rally the past 8 days, but we have the FOMC decision later today. Let's see how this market reacts this afternoon.
Current Positions:
**aggressive: @ 1.5286 with stp @ 1.5073
**moderatively aggressive: @ 1.5356 with stp @ 1.5073
Closed Positions:
**conserative: @ 1.5374 with stp @ 1.5193; closed @ 1.5625 for Profit
Potential Upside Targets:
1) 78.60% Level: 1.5659: tgt met
2) 5/14 High: 1.5800
3) 2.618 Level: 1.5834
4) 1.00 Level: 1.5953
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