The dollar rallied against a basket of currencies on Tuesday ahead of Wednesday's Federal Reserve policy decision. A hike is widely expected, but the market is divided on whether policymakers will signal one or two more rate hikes in their statement accompanying the rate decision tomorrow.

The ECB meets on June 14, when it could signal intentions to start unwinding its massive bond purchasing program.

This is how we trade now:


Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: Our long's stop is hit after UK Prime Minister May won parliament vote on Brexit. The trade was risk-free so no harm was done. The pair's sharp rejections near the 200-day SMA and resulting long upper wicks concern EUR/GBP bulls.

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