Forex technical analysis: EURUSD extends toward the next target

Technical Analysis

Author: Greg Michalowski | eurusd

Dollar moving lower

The EURUSD is moving higher after the FOMC meeting minutes were interpretted as being a bit more dovish by the markets.

The pair has moved above the 1.1861 level. The 200 bar MA on the 4-hour chart and the 50% retracement of the move down from the September high, comes in at 1.1877-80.  Those are the next resistance targets for the pair. 

The GBPUSD is also trading at a new highs for the day and in the process has extended above the 200 hour MA at 1.32084.   The 200 bar MA on the 4-hour chart is the next target at 1.32291.

The USDCAD is breaking lower and tests the swing low from October 5th at 1.2461.  A break below looks toward the 100 bar MA on the 4-hour chart at 1.24362

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