EURUSD finding sellers ahead of the 100 hour MA. Upper boundary set ahead of FOMC.

Technical Analysis

Author: Greg Michalowski | eurusd

The boundaries are being set more clearly ahead of the Fed for the pair.

The EURUSD's fall today stalled at the swing area at the 1.1721-239 area earlier today.  That area was a ceiling and has now been a floor twice this week.  Holding today, sets that level as a lower boundary ahead of the FOMC decision.  

The rise off the low today has stalled ahead of the 100 hour MA. Recall that yesterday, that MA line stalled fall.  The price fell below the MA earlier and ran.  Stalling ahead of that MA sets that level as an upper boundary ahead of the FOMC decision.

So the support and resistance boundaries are in place.   If there is a move after the FOMC decision (and through the press conference), those levels should be a barometer for bulls or bears. 

Move above the 100 hour MA and stay above is more bullish.
Move below the swing area (add the rising 200 hour MA) at 1.1721-239 (and 1.1717 200 hour MA) and the bears should do more downside pushing.    

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