Yellen still to come

The US dollar tumbled 70-150 pips across the board after the FOMC decision and projections. The market was anticipating some kind of hawkish hint given strong jobs growth and improvement in financial markets over the past month but nothing came.

Instead the Fed added a line to the statement saying "global economic and financial developments continue to pose risks" while downgrading the view on business fixed investment.

In the forecasts, the Fed lowered its median PCE inflation forecast for 2016 to 1.2% from 1.6% and left its 2017 forecast unchanged at 1.9%.

EUR/USD is threatening a three-candle reversal or more. A close above 1.1178 would be a bullish signal.