Good Day,

<span style="text-decoration: underline;"><strong>FOMC DAY:</strong></span>

At last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.

Will Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.

It is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.

<span style="text-decoration: underline;"><strong>If she remains DOVISH:</strong> </span>

The GBP/USD will re-test 1.7000 and maybe break higher towards 1.7100.
The EUR/USD may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the Daily chart).

<span style="text-decoration: underline;"><strong>If she does a Mark Carney and go HAWKISH:</strong></span>

The EUR/USD can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the Daily Chart.
The GBP/USD is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney's comments it may be more prudent to avoid this pair as it can snap back at anytime.

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