"Markets seem to be seeing something that we're not seeing as quickly .. We need to pay attention to that." is gaining some attention
The EURUSD has been trading up and down, but Fed's Evans seems to have not been as dovish as the markets hoped. He just did not get fully off the fence. Fed's Powell at 9:55 AM ET/1355 GMT is key. If the Fed is indeed moving toward easing, I would think with Evan's comments in his rear view mirror, and if he was not dovish enough, it gives the chair the opportunity to shift the bias off that fence.
Looking at the hourly chart, the price action has seen ups and downs in trading today with the high stalling at the 100 day MA at 1.12752. The high for the day reached 1.12768 - just a pip or two above the key MA level. Sellers /profit takers were ready.
Stalling there makes sense after the sharp run higher yesterday that saw a nearly 100 pip move higher before backing off a bit into the close.. The market has seen the price move in total about 161 pips higher since the bottom in the NY session on Thursday. What better level to take a break at then the 100 day MA (blue line in the chart above).
There is support at the 1.1223-25 swing area, and the 1.1215-18 area (the 38.2% and swing levels are near that level). The 38.2% should solicit buyers on a test.
On the topside, a move back above the 1.1250-52 and 1.12617-641 (highs from April 22, May 1, May 13 and also near highs from yesterday and today after the run higher failed) would be levels that if broken, would give the market more fuel for a run to (and potentially through) that key 100 day MA. Be aware.
