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EURUSD has sold off sharply following a hawkish Fed dot plot yesterday

EURUSD has sold off sharply following a hawkish Fed dot plot yesterday. This has brought the pair back down towards the 1.0462 support level. That represents the March 2015 low, which if broken would set a new 14-year low for the pair. Given the wider perspective, the breakout from this two-year range is expected to occur to the downside. However, until we break below 1.0462, there is always the potential for a bounce. As such, the ability or inability to break and hold below 1.0462 will be the driver of price action today, where a strong break lower could set us up for a selloff lasting weeks or even months.

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EURUSD has sold off sharply following a hawkish Fed dot plot yesterday

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