Nothing has changed since this afternoon, so we'll stick with our EUR/USD game plan. Please trade a light position on this idea, if at all, as we're stepping in front of some powerful, intra-day momentum. Should 1.3080 give way, we need to consider today's move up technically more significant than originally thought.

The initial reaction to the FOMC statement was a bit surprising to me. If you read the text, they made several mentions of continued vigilance on inflation due to firmer economic growth, a stabilizing housing market, and a high level of resource utilization. These are all very hawkish, or dollar-bullish, statements. Yet the dollar sold off and the stock market rallies. It seems the markets are fighting the Fed here because they expected this hawkish wording. It's a bit similar to this summer when rates cuts were being priced into the market, well ahead of any indication of such from the Fed. It seems fighting the Fed in here is not he way to go. Let's keep the idea to sell 1.3055 with an 1.3085 stop on the book.

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.