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EUR/USD was in a VERY tight range for most of last week, as traders found it difficult to price in any biases ahead of the FOMC statement. If you remember, market players hadn’t been expecting a rate hike though they did expect some guidance on whether or not the Fed would still raise its rates this year. Fortunately for trend traders, the Fed delivered when it hinted that the members would seriously talk about hiking in its December meeting.
There were a couple of fakeouts throughout the week, which was canceled by signal #12 hitting its profit target after the Fed’s surprise. Woohoo!
Though Cable also moved on the dollar’s price action, pound traders weren’t as excited over making trend trades. Maybe because the U.K. didn’t print any interesting tidbits to support a pound rally?
GBP/USD was on a range for most of the week while the HLHB System printed out fakeouts. The dent wasn’t too deep though, as the system still capped the week with only a 44-pip hit.
NFP week next week, folks! Think we’ll see strong intraweek trends?
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