With a rally once more sold into, the corrective move remains on track. Yesterday’s candle posted a 4 pip loss, but having traded higher for much of the session this would have been rather dispiriting for the bulls. Trading consistently below $1.1050 and a third consecutive close below $1.1000 is negative and the momentum indicators retain their bearish configuration. However it is the FOMC statement this evening and it is likely that the market will bide time until getting more of a steer from the Fed. The hourly chart does show the near term downtrend channel has been broken and initial resistance is now at $1.1030. However until there is a confirmed breach of $1.1058 there is little suggestion that the bulls will have too much traction. Support at $1.0950 protects $1.0909 which I continue to expect to be tested.