Price is back trading above and below the 200 and 100 hour moving averages
The comments from Fed chair Powell sent the EURUSD back to the downside - erasing the gains for the week and moving back toward a floor/ceiling level near 1.12283. The low price reached 1.12335 just above that floor/ceiling level.
The price decline came from a higher swing area between 1.13735 and 1.13852. The 38.2% retracement of the move down from the October 28 high was between those swing levels at 1.13787.
On the move lower, the pair moved below a swing area at 1.13215 to 1.13315, and another swing area between 1.12876 and 1.12942 (see blue numbered circles). That areas now close resistance. Stay below keeps the sellers comfortable. A move above would muddy the waters for the bias.
Between the floor/ceiling sits the 100/200 hour moving averages at 1.1259 and 1.12702. The price since the low has traded above and below that level. Traders are ok for now stalling around those moving average levels - for now at least.
As I post:
- Dow industrial average is down -525 points or -1.49%
- S&P index is down -65 points or -1.39%
- NASDAQ index is down -223 points or -1.41%
- Russell 2000 is down 41 points or -1.84%
- 2 year yield is 0.553%
- 10 yield is 1.466%
For the NASDAQ index, the price is back below its 200 hour moving average at 15651.01. The high price today stalled ahead of its 100 hour and 50 hour moving averages near 15846.24.
