The EURUSD has moved through the 200 and 100 hour MA (green and blue lines) and below channel trend line support. Look for traders to use the 100 hour MA (blue line) as a risk defining level now at 1.2696. The 200 hour MA and the broken trend line at 1.2714 is the new “Line in the Sand”. I do not expect the price of the EURUSD should go back above that level in the near term at least. Closer levels to eye (before the 100 hour MA) would be the low for the week prior to this move at the 1.26655 level or the 1.26758.

EURUSD tumbles. 100 hour MA now resistance.

EURUSD tumbles. 100 hour MA now resistance.

The change in tone with regard to the employment comments are the focus by the market . The QE3 is officially gone. The Fed did keep “considerable time” in the statement but comments from analysts suggest that a Spring tightening is on track.

The train has left the station. There has been limited retracements but there will always be another trade. Be patient.