The up and down continues
The EURUSD has punched back above the 100 day MA at the 1.10473 level and stops triggered a move to the 200 hour MA at the 1.10629 level currently. And the pair goes round and round. If 100 day MA now holds support, a break above the 200 hour MA will be eyed by the buyers. Understand that the market has had a difficult finding love in any move (up or down). So the fickleness of the market can change.
Stocks are on the decline (S&P is below the 200 day MA at the 2077.95 level). Oil is back on the decline (Sep oil below $42 on the surprise inventory data).
The EURUSD is getting a bit of a boost by a move sharply higher in the EURCAD (see chart below). The pair has surged above the 200 hour MA and the 100 hour MA after declines on Monday and Tuesday. The oil inventory data has oil futures trading at levels below $42 (at $41.36 currently) and that is weakening the CAD. The FOMC meeting minutes are later today of course....
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