EUR/USD FOMC meeting minutes analysis, what to expect ahead?

In this post I will mention how the FOMC releases, ECB monetary and fiscal updates can affect the price direction?

FUNDAMENTAL KEY QUOTES

1- FOMC analysis and FED fiscal policy update ( Federal Reserve Officials were not ready to communicate a timeline for tapering due to high uncertainty on the economic outlook, according to the minutes from their June meeting, the gathering also marked a turn in the central bank's comfort with inflation risks amid heightened price pressures as the economy reopens from the pandemic, the minutes showed the committee had a lot of questions about how soon labor shortages and supply bottlenecks contributing to inflation would resolve ).

2- ECB monetary policy update ( ECB has agreed to raise inflation goal to 2% and allow room to overshoot it when needed, the revamped strategy could give officials the justification for sustaining ultra-lose monetary policy for longer as they strive to reverse years of below target inflation which have weighed on the euro area economic potential ).

3- ECB fiscal policy update ( ECB gears up to spend billions of euros on stimulus ).

4- EU economic outlook update ( the commission boosted its growth forecast for the euro area to 4.8% from 4.3% previously, but the bloc said will have to "keep a close eye on rising inflation driven in part by stronger demand" ).

5- EU-U.S. calendar analysis ( drop in Germany data, drop in U.S. data, only that the U.S. continuing claims fell to a pandemic low ).

6- EU-U.S. tourism situation update ( in U.S. the transportation Secretary Pete Buttigieg told Bloomberg TV that the Biden's administration isn't yet ready to lift restrictions on international travel to U.S. even as it touts progress against Covid-19 in other areas, including domestic travel, in EU the system has limitations and travel will remain hampered by a patch work of national restrictions ).

7- EU - U.S. inoculation update ( both missing inoculation targets, rising infections in both areas).

What price action to expect ahead?

- ACCORDING TO FUNDAMENTALS,FOMC RELEASES, I WOULD SAY THAT THE DOWNTREND HAS TOTALLY LOST MOMENTUM AND THAT A STRONG PULLBACK / REVERSAL IS EXPECTED TO TAKE PLACE -
- NEW PRICE RANGE ( 1.1850 - 1.2100 ) -
- FOMC MEMBER QUARLES SPEAKS IS EYED, ANY HINT ON A TAPERING DECISION TO BE SOON WOULD CHANGE PRICE ACTION TO ( 1.1800 - 1.2000 ) -

- THIS OUTLOOK REMAINS ONLY TILL UPCOMING NEWS AND DATA THAT MAY CHANGE THE PRICE RANGE, SO I WILL UPDATE ACCORDINGLY -