The Federal reserve removed only the word 'patience', but remained patient up to the April meeting. The rates hike is imminent, but within slow and steady policy. The Fed do not hasten to hike immediately. The Fed will start raising the interest rates in June/September. Maybe, in 2017 we can expect the previous interest rate at 3.5%. The Morgan Stanley chief US economist said that the Fed will not raise interest rates in 2015 due to the inflation rate and the weak dollar.

The euro got relief from the FOMC meeting. Bulls are trying to get to 20DSMA. Eventually, the euro looks weak against USD. In case if the pair produces a relief rally, it will not mean that the euro will get stronger. The US dollar gets weaker on profit fixing after a spectacular rally. The pair managed to close above hourly moving averages on the H1 and H4 charts. During a day it rose more than 400 pips that is the biggest one-day increase since July 2010. Today, during the early Asian session, the euro is trading lower against USD, JPY, GBP and AUD. The pair's weekly parallel resistance seems to be at 1.1098. We have been recommending to trade with the target at 0.9000 for the last three weeks. Parallel support is seen at 1.0335. We still recommend the same strategy.

Upcoming event:

Today traders keep an eye on data on 4-year TLTROs and the results of the EU economic summit. Besides, statisctics on US unemployment claims and Philly fed manufacturing index is due to be released..

Trading recommendations: We recommend safe buying ONLY above 1.1100, risky traders can buy above 1.1050

Sell below 1.0820.

Support: 1.0820, 1.0650, 1.0595

Resistance: 1.1042, 1.1110, 1.1200

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