After a heavy 100 pip downtrend during the European market session earlier this morning we had a beautiful rebound trade during the US session on the EUR/USD. Throughout the morning it was fairly choppy until right before the FOMC Statement was released at around 12:30 AM EST. With the release of the statement we quickly saw some big movement in the currency markets in a major shift towards the upside.

As you can see the large green candle towards the end of the blue box was a nice breakout indication that we were likely going to see a nice rally for the end of the day. Remember that most often when we see large candles like this which are in excess of 30+ pips we usually do have a bit of retracement, even if its only a few pips. So if you were able to snag this call for an end of the day trade congratulations, as it continued on for another 100 pips.