Markets are euphoric today following the Fed's "no change" announcement on its record stimulus program. Bonds rallied. The USD is down strongly and gold is higher, along with most commodities. Share markets are bouyant. However, the US Fed stimulus must be curtailed at some stage, and after the current "sugar hit" fades I believe there'll be a return to "taper talk".
The timing of the return to taper talk is not certain - my view is it will come in the next 24-48 hours. Turning to the chart, there are longer term support and resistance lines from the weekly view (red lines). Note the RSI readings. While past performance is not necessarily a guide to the future, the last two overbought readings led to significant falls.
EUR/USD is hovering 50 pips above a key support. Any fall through this level may be a trigger for traders to close longs/sell short. A stop entry orders means I won't have stay glued to the screen.