Trades between the 100/200 hour MA
The EURUSD is moving lower after the CPI data. The wage data rose 0.8% which has inflationary fears increasing. US yields have moved a higher after the report. Russia's Putin is also speaking saying th will prices could reach hundred dollars a barrel. That has crude oil ticking higher. With yields moving higher, the the price of gold is giving back gains and trades up only $4.50. It was up over $16.50 at the start of the US session
Looking at the hourly chart for the EURUSD, the pair was was trading between the 200 hour moving average at 1.15723 and the 100 hour moving average 1.15567 before the report, but has moved lower after the report. The price is trading at 1.1544 as I type. The price of the EURUSD has still not traded above its 200 hour moving average since September 14 (nearly one month ago). The low the price from yesterday came in at 1.15236. That remains the target on the downside.
Also of significance is the high price today reach 1.15663. That remained just below the 200 week moving average at 1.15687. Stay below the 200 week moving average keeps the bearish bias firmly in place.
