First time since ECB/Draghi super rally
The EURUSD has made a break below the 100 hour moving average at the 1.09797 level. This is the first break below this moving average since the ECB/Draghi super rally day on December 3rd.
The next target on a continuation move today should take the pair toward the 1.0945-55 area where there has been a number of swing lows and swing highs since December 4th. Below that the 200 hour MA (green line in the chart above) is creeping up toward the 1.0925 level. This is also near lows from December 10 in December 11.
Earlier today, the pair stalled just that the 100 day moving average at the 1.10585 level. The high price for the day came at 1.10588 just a tiny bit above that key MA. Nice hold boys and girls. Nice trading opportunity if you were watching the action....
Close risk now at the 100 hour MA at the 1.0980 level. The close was at 1.0992/the 38.2% of the last leg down comes at 1.09928. This area might be eyed as resistance, but remember folks, the FOMC decision is tomorrow and the action can be all about flows and that can turn the tide. For now, below the 100 hour MA is more bearish.
