The early stages of a reversal in the EUR/USD pair could be at hand following the most recent impulsive selling. Wednesday’s FOMC announcement will most likely either add wind to my $USD reversal call or shoot it down. The recent breakout above this out above this bullish falling wedge pattern in the EUR/USD (60 minute chart) could bring the currency pair up to the 1.80-1.83 level if/when R1 is taken out but. Keep in mind that both the currency markets as well as equities & precious metals are prone to sudden price spikes, often in one direction & then another. Bottom line is that we should have a good idea which way the dollar is headed by the end of the week. Just to reiterate, a reversal in the dollar is likely to bullish for gold & commodities while bearish for equities.