The greenback tumbled against all of the major currencies. Investors began unwinding their long dollar positions ahead of the rate decision on the view that Fed Chair Janet Yellen would not be hawkish enough and they were right. She did not suggest that the next hike would be in June and the dot plot forecast showed U.S. policymakers looking for 2 and not 3 more rounds of tightening this year.
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EURUSD did drop today but nothing significant so far. I want to see a decline below the support level of wave 3 pink at 1.0715 before calling the high in place. It is worth noting on the 4hr chart, the impulsive and rapid nature of the declines VS the overlapping, labored and corrective nature of the rallies. This is the essence of the difference between a trend move and a corrective move.
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