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Commentary
On our pre FOMC analysis yesterday we were short EURUSD as we believed the long term downtrend would continue despite the recent positive reversal.
The FOMC held rates but were more optimistic about the economy than in the March's meeting minutes which would increase the probability of interest rate rises in the future.
We now look towards upcoming data releases starting with payrolls tomorrow as if the US economy is showing signs of strenghening this could lead to FOMC being more inclined to raising rates and the currency pair falling further.
Additionally, the 50 day MA has fallen below the 100 day MA and we will look for further downside towards the 1.114 support level .