Can the buyers keep the momentum going
The FOMC decision and press conference pushed the EURUSD through the support swing area between 1.1700 and 1.17054 yesterday. The price moved down near 1.1683 yesterday and again in the Asian session today, and tried to keep the lid on the pair near that swing area, but the prices started to trade above, and the buyers started to use the swing area as support.
The subsequent move to the upside has seen the price extend above the falling 100 hour moving average currently at 1.1723. The first move above failed. The pair is now trying for the second time in the early US trading session. Can the buyers keep the price above that moving average line and push the price toward the highs for the week. On Tuesday. The high price reached 1.1748. In trading yesterday through the FOMC volatility, the price reached 1.17551. Also above is the falling 200 hour moving average at 1.17607.
Should the price move back below the 100 hour moving average, there could be yet another disappointment from the rally, turning buyers and the sellers.
Since price peaked on September 3, the price has been steadily stepping down into the low price today. The low price from August 19 and August 20 have yet to be reached at 1.16637. That would still be the target if the price can move back below the 1.1700 to 1.17054 area and stay below.
