Overview

As all traders suspected, the FED's rate decision was not much of a question, as there was nearly no chance of a rate hike today. The FOMC meeting minutes however were to set the direction of the US dollar and therefore all equities and commodities across the board. Alas, the FED accomplished exactly what it set out to do; appear entirely neutral.

After the news, the currency and commodity markets barely budged. Wall Street seemed to react positively, but it seems there was a pre-existing upward bias based on the recent over-done selling.

In terms of major highlights, the EUR/USD, GBP/USD are both bouncing off strong supports only to bounce off of resistance levels and repeat the cycle over and over throughout the day.

GBP

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EUR

Traders should watch these major support levels in the Pound and Euro, as the technicals are indicating a slightly bearish bias.

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