100 hour MA and 200 day MA in play
The EURUSD trades above and below some key MAs today. The 100 hour MA and 200 day MA are converged on my charts at 1.1893 level. The price has traded above and below that level today.
The price just dipped on the higher CPI but held support at a lower trend line at 1.1876. The price has rebounded and is trading back above the MA levels in volatile but contained trading..
ON the topside there is another downward sloping trend line (making a pennant formation). That trend line comes in at 1.1915 currently.
The price action in the pair remains contained as traders await the next shove (higher or lower). The pair is consolidating toward the recent highs on the hourly, but there is work to do. Stay above the MA below. Move above the trend line above and go after the high from last week at 1.19268.
The Nasdaq stocks are moving higher perhaps in reaction to the CPI was not as bad as the PPI data last week. It is currently up around 38 points. The yields are steady with the 10 year at 1.674%. The 2 year at 0.170%
