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FED cuts rates with 75 bps. In the statement again were mentioned the downside risks to growth and we can expect further easing. Some analysts expect Fed funds rate at 1%. The reaction of the forex market was choppy after the announcement. EUR/USD is extremely overbought and is due for correction but at the same time the dollar sentiment is as bearish as it can be. Watch the support @ 1.5675 (5 day MA and yesterday’s low). If it is broken a shooting star reversal pattern will be confirmed and correction towards 1.5490 is expected. While the market is above the support level the next target is 1.5902 and then 1.6000.