The EURUSD gets closer to October lows
The EURUSD is trading a little higher after the rate decision kept rates and bond buying unchanged, although they left the door open for additional stimulus in December.
The pair is currently trading just above the 1.1700 level. The low reached 1.1694. After the decision, the price moved up to 1.17171. That was right near the low price from yesterday's trade. Keep that level mind going forward a move above would tilt the bias a little more to the upside intraday.
Technically, the pair at the lows pushed the October lows from October 15, and October 16. The October 16 low came in at 1.16931. The October 15th low came in at 1.16878. Buyers came in just above those levels. A move below would be more bearish.
Looking at the daily chart, there is a swing area between 1.16878 and 1.17103. The recent move took the price back above that swing area (see yellow area on the daily chart below). That area represents a key barometer for the bias going forward. Move below is more bearish, stay above is more bullish. On the downside, the next target on the daily chart would be at 1.16488. That represents the 100 day moving average. The price has not been below the 100 day moving average since May 27
