Premise for today is to watch for test of 1103.75 prior to the FOMC Announcement then a potential contraction. Action has been tight on low volume as is typical for August trading. Price has been in this area for many days and needs to find direction. A break to the upside will create a no fade scenario as I will anticipate a grind up. If 1085.00 breaks, I will look to hit shorts on deep pull backs. Price has been trending up for a long time and is due for a correction but the short side will remain tough as we are in a giant squeeze on a macro level. I have illustrated structure to build in order for price to break out of this 1127.00 - 1103.75 range it has been in.
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