Euro FX Long
This can be set up on EUR/USD, FXE, and March Euro FX futures. The play is long Euro as the U.S. dollar rallies in front of tomorrow’s FOMC Meeting Minutes. The Minutes will likely reflect a hawkish position (read: rate hikes are coming) from Powell and the FOMC. The U.S. dollar strength in front of the event leaves the buyers more vulnerable, and I want to capitalize on this by buying the correction lower in the Euro. The MTFA is setting up a long squeeze on the pullback and I’d like to see some intraday consolidation to set up the buy either by buying support or waiting for momentum through resistance.