The EURUSD is awaiting the FOMC minutes while it continues to non trend.

  • Low today held the 200 hour MA on two separate occasions.
  • The first rebound off the level held the 100 hour MA (blue line in the chart above)
  • The second rebound moved back above the 100 hour MA and has held the level (at 1.3224) since (give or take 2 pips on the first dip).

I will be using this moving average as bullish/bearish pivot after the FOMC meeting minutes are released. Price stays above (probably on a QE hint) and look for a bullish move/break. Price moves below the MA level, and the market sentiment shifts back to the downside.

Needless to say

  • A subsequent move below the 200 hour MA/low for day at the 1.3298/1.3302 should solicit additional selling momentum
  • A move above the high at the 1.3366 should solicit stop buying and additional buying momentum.

It will break one day, won’t it?