Bostic an influence
Fed's Bostic was a bit more dovish in his comments today focusing on a pause. Evans also said that "Fed has the capacity to wait and take stock of incoming data". He also said that he expects rates to move eventually up to 3%-3.25% but the first 1/2 of the year would be key.
That helped to weaken the dollar and when the price moved back above the 100 day MA in the EURUSD, it was enough to kick the pair higher quickly.
On January 2nd and again on January 7 and 8th the pair moved above the MA line but stalled. Today, the buyers meant it . The boring market outlined earlier, was kicked to high bullish gear on the break.
What next?
The price has also moved above the 50% retracement of the move down form the September high at 1.15149. Bullish. That is close risk now. The October 22 high at 1.15505 level and the 61.8% at 1.15856 are the next upside targets to the topside.
Risk is the 50% now, but bulls are taking control on the break higher.
