Price moves higher and back down
The ECB raised projections for growth (2.3% from 1.8%), and inflation for 2018 at least (from 1.2% to 1.4%) but then said that the gains in inflation are mainly from food and energy.
The EURUSD moved up to a high of 1.1862. I earmarked the 1.1876 level as level to get to and through on more upside momentum. That level could not be reached.
We are now trading back lower at at 1.1817. The low for the day was at 1.18104. The 100 day MA looms below at 1.1802. The 200 hour MA is at 1.1796. A break of those levels will not be great for the longs. Yesterday, the price moved above each at the 1.18000 area and raced higher. Look for buyers on the first test.
The price action is still above and below the 50% of the move down from the December high at 1.18287.
