The EURUSD has defined key bookends that will define bullish and bearish bias through the FOMC decision.
On the upside (lower USD /more dovish Fed), the 200-hour MA at 1.07979 followed by the 200 day MA at 1.08255 are the upside targets. Getting above both those levels (and then the 38.2% at 1.08352) would open the door for more upside momentum.
Conversely, on the downside (higher USD/less dovish Fed), the 100-hour MA at 1.0777 and the 100-day MA at 1.07544 would become downside target to get to and through (and stay below).
After that, and the door opens for more momentum in the direction of the break.
This video outlines the level and the roadmap for your trading. Risk is increased of course. It is your call if you want to play higher USD or lower USD. However, once the news is out (and baring any surprises from the press conference), the price action and the technicals will provide the clues for buyers and sellers. The levels will also define the risks, if the price action does not stay more bullish or bearish on the break.
Be aware. Be prepared.
This article was written by Greg Michalowski at www.forexlive.com. Source