FOMC minutes ahead. Markets waiting.

A quick look around (in words only).

The FOMC meeting minutes are ahead at 2 PM ET. The markets are quiet, what are the technicals saying for some of the pairs.

EURUSD

The price of the EURUSD has been trading above and below its 100 hour MA (at 1.1188 currently). The range is only 36 pips (the 22 day average is 79 pips). We are currently below the 100 hour MA level. Having said that there is floor at 1.1171 (was a ceiling back on May 18th). The low this week moved to 1.11609 on Monday but rebounded (after the modest break). Today, the low reached 1.1168 but stalled. A move above the 100 hour MA is more bullish (again). A move below the 1.1171 and then 1.11609 will target the 1.1113 (200 hour MA).

USDJPY

The USDJPY squeaked above its 200 hour MA. Yesterday, the 100 hour MA was broken at 1.1122 and that started the run to the other key MA today. The 200 hour MA is at 112.056. The high made it to 112.12 before backing off. For buyers, get and stay above the 200 hour MA. A move below the 111.812 (38.2% of the move down from May 10th high) will have the pair targeting that 100 hour MA at the 111.428

GBPUSD.

The GBPUSD is down testing trend line support on the hourly chart at 1.2929. The price for this pair has been choppy all day. The 200 and 100 hour MAs are above at 1.2953 and 1.2982 respectively. For me, if this pair is going higher it needs to get above 1.2990-1.3000. Today's high reached 1.29987. On the downside, 1.2920 will lead to the test of the 1.2900 level.