EURUSD moves to new session highs after tame CPI

Technical Analysis

Author: Greg Michalowski | eurusd

Backs off a bit though

The EURUSD moved to new session highs after the tame CPI. The price moved to a new sessin high of 1.15988 (call it 1.1600) and has backed off a little.  

Looking at the hourly chart, the run higher did crack above a channel trend line at 1.1592. The price is trading above and below that line now as traders ponder if the pair should make a run toward the 50% (move down from the September 24 high and the key 100 day MA at the 1.1623-26 area.   That area should find sellers on a test. 

On the downside, the 1.15778 will be eyed for close support. The Asian session high was at 1.1572. That area (1.1572-78)  should hold if the buyers are to keep firm control.  A move below would muddy the bullish waters.

Stocks are doing better but off the post-number highs:
  • Dow imply -164 point decline
  • S&P is down -12 points
  • Nasdaq down -42 points.  

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