• Fed Meeting Begins Today with Daily Dollar Consolidation of EUR/USD, USD/JPY
• EUR/GBP Daily Resistance at 0.6875 Broken, 0.6975 Weekly Resistance Next

The story of a range-bound Dollar continues into the beginning of this last week in March as the Fed begins the first of a two-day FOMC meeting with a likely outcome of another 25 bps hike. The range-bound story told by the major's daily charts continues with lower highs and higher lows keeping price to a relatively confined area. Tradable volatility will most likely return upon the break of these consolidation patterns.

As I mentioned last week, we need to look away from the Dollar pairs for profitable opportunities. EUR/GPB recently broke from daily trendline resistance at 0.6875 and is looking to test a weekly consolidation pattern of its own at 0.6975. We look to buy the pullback to the former trendline resistance point for a ride up to that weekly resistance at 0.6975.

The 2-hour EUR/GBP chart is in a Gartley formation, which illustrates a specific Fibonacci relation between the four separate legs of the pattern to arrive at a buy point of 0.6865-70. Stops should be below 0.6850 with an initial target of the .618 Ret of A-D at 0.6915.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.