Major news announcements can of course move the market and see that direction continue. Typically though EUR turns take 4-7 days to properly form. These are generally through double bottoms/higher lows at bottoms or lower highs/double tops at highs. Or moves up/down that reach a level and then struggle for days to move further. The attached chart clearly shows these turns take 4-7 days.
It will be interesting to see if EUR makes an attempt at the major potential resistance level around 1.3015 today (see Feb-Mar 2012) before falling if the Fed meeting says the right things.
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