Releasing the FOMC Meeting Minutes and the various possibilities facing the market

EURUSD, the price has reached a potential reversal zone from the mid-term uptrend channel and significant support of 1.1 and is on the verge of a valid crossing of this range. If this valid break-out has happened, the first possibility will technically be to continue the mid-term downtrend.

The FOMC Meeting Minutes will also be released tomorrow, which could affect demand for the USD if expectations of interest rates change. It could increase the level of demand for the USD if members’ comments reflect a contractionary policy and an increase in interest rates by more than five steps.

GBPUSD, although the monthly composite and service PMI of the UK was better than expected today, the price is still fluctuating close to the support range of 1.3 and 1.3050. Therefore, there is a possibility of price correction and rise in the short-term, but in the mid-term, the first possibility is still a return to the bearish trend. The reaction to the essential and psychological level of 1.3 will be decisive.