Forex technical analysis: EURUSD retracing fall from FOMC. Draghi speaks.

Technical Analysis

Author: Greg Michalowski | eurusd

Stalls ahead of the 38.2% of the move lower

The EURUSD is now higher on the day (closed at 1.1890) but below the 38.2% retracement of the move down from yesterday's high (at 1.1926).  ECB Dragh is scheduled to speak in Frankfurt at the bottom of the hour.  His comments may impact the pair.


On the topside, in addition to the 38.2% retracement resistance at 1.1926 are a bunch of MAs at 1.1939-555 area. The 100 bar MA on the 4-hour comes in at 1.1939. The 200 hour MA comes in at 1.19468. The 100 hour MA comes in at 1.1955.  A move above those lines will dampen the bearish impact from the FOMC.  

ON the downside, the 200 bar MA on the 4-hour chart at 1.18687 will be eyed. Yesterday and today, the pair stalled the fall near that MA line. Also watch the 1.1876 level. That was the low from 2010.   Moves below those levels should shift more of the trading bias to the downside.