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Ahead of the federal funds rate announcement and FOMC statement, the currency pair has dipped below 1.4800.
1.4800 being a major line to look out for, having some consolidation here will be of no surprise.
Looking at the S&P 500, it does appear to be developing into a consolidation condition too.
This coincides with the EUR/USD being at the 1.4800 region.
Similarly, oil consolidates around $70 and gold, $1010.
The market sentiments may be finding the current levels appropriate, pending for further positive or new negative developments.
Personally, we may have bottomed but we are still in an early stage of recovery.
Watch out for a fluctuation between the nearest two previous high of 1.4719 and 1.4866 should consolidation remains.
Trade safe as usual.
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