The Greenback rallied across the board as the Fed’s Plosser mainly reiterated that policy makers should back up their words with actions. In a nutshell, it means that the Fed should really start raising interest rates.

On the economic front in Euroland we have the most important Bank of England minutes at 08:30 GMT today as it will indicate the way forward in terms of inflation in the UK. Also, keep an eye on the Eurozone Industrial orders as well as the Fed’s Beige Book later today

Today’s Probability Studies:

EUR/USD – No Trade Zone within a Bearish Probability. The bullish Current Trend Support (blue line) has been violated to the downside which gave us a continuation of the bearish probability. Lower peaks and trough will certainly give us a more active bearish 60minute trend. Price is consolidating for the time being and as soon as market rhythm starts to trend lower, we will have a trading condition once again

GBP/USD – No Trade Zone within a Bearish Probability. We identified a more active 60minute trend which should signal a continuation of yesterday’s bearish trading condition. As soon as price moves below 1.9900 and the hourly indicators are bearish, we will have a suitable bearish trading condition once again

USD/JPY – No Trade Zone within a Bullish Probability. As soon as a bullish cross on the hourlies are confirmed, we will have a suitable trading condition as price is bound to trend higher. The bearish Current Trend resistance line has been violated to the upside and price is in the process of confirming the violation. The bullish 60minute trend remains intact, therefore the bullish probability

USD/CHF – No Trade Zone within a Bullish Probability. The previous cyclical bearish 60minute trend has been violated and completely discarded as price is still in the process of defining our 60minute trend. Nevertheless, bullish probability. As soon as the hourlies give us a bullish cross and confirms the cross we will have a trading condition once again

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