Euro Rises to 1.1178, But Turns the Direction?

EUR/USD 4-Hour Chart, source: forexfactory.com

The major currency pair EUR/USD attempted the rebound since this week. And it rose to 1.1178 in London session. It broke through the short-term downward trend line made in early May.

But it is not uncertain it turned the trend, yet. U.S Dollar stood on the short position in London session against the major currencies such as Euro and Japanese Yen. The Sterling fell against greenback exceptionally.

In EUR/USD chart, it seems that the price of 1.12 comes into the resistance line. If the price broken through the trend line, breaks the resistance line 1.1200 again, the price may be on the upward line.

But FOMC is held on 14th to 15th in this month. The Fed hinted the raise of it bench mark rate. Till the speak of FOMC about the Federal Fund Rate, the price seems not to decide the its trend.

This story is read in http://cafe.naver.com/gjallarhorn/19, too.