EURUSD: Will it finally break the Channel amidst the Fed?

EURUSD is testing the top of the Megaphone pattern on the 1H timeframe. Doing so on overbought technicals (RSI = 75.380, MACD = 0.001, ADX = 41.699) it is likely to see another pullback to the 1H MA50. Since however the Fed announces the Rate Decision in a few minutes, it is possible to see an upward push to finally break over it and to the R1 level (1.07695).

If it does, we don't expect the rise to stop there but on the contrary test the top of the long term Channel Down (TP = 1.0800). Any pull back inside the Megaphone and as long as its bottom holds, is a short term buy opportunity.

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