The US dollar continues to creep higher
EUR/USD is down 60 pips since the start of Asia-Pacific trading and 160 pips since the post-Fed decision peak.
Technically, there isn't much reason for optimism. Bids ahead of 1.0840 are holding at the moment but there isn't any technical support until 1.0800.
If support just below 1.08 breaks it could open the floodgates as well.
The best hope for the euro bulls is that US dollar longs head for the exits after the Fed. I believe that's a high risk but there are just no signs of it other than fast money bailing earlier at 1.0890.
Another thing to note is that there are $7B of euro expiries running off at 1.09 this week and $6B at 1.08 so that could tie it down in this range.
I think if we get back above 1.09, it's time to sell. The risk is that it's year-end and moves are nonsensical at year end.
