The EURUSD has moved lower despite the Fed keeping the considerable time pledge and moderated growth projections. The average estimate for rates was increased a bit in 2015 and 2016 which may have contributed to the move higher in the dollar/the move lower in the EURUSD. The median estimates were also higher.
EURUSD fell below the 100 and 200 hour MA and is stepping lower below the prior lows
From a technical perspective the EURUSD has moved below trend line support and the 100 and 200 bar MAs (see prior POST HERE). The pair is moving toward the low reached last week at the 1.2854 level. With the consolidation over the last 9 trading days, the price has a series of lows to get below. Traders are taking care of each, one by one so far. A move below the 1.2858 low for 2014 will next target the 1.2786 level which is the 61.8% of the move up from the 2012 low.
Resistance now comes in against the prior support levels (or lows from this week and last). They include the 1.2896, 1.2908 and the 200 hour MA at the 1.2933.
