Retracing some of the gains
The EURUSD is trading to a new session low after the run toward the October high at 1.11787, stalled about 4-5 pips from the peak (at 1.11740). When the price could not make it to the high, more sellers leaned and eventually the buyers turned to more sellers.
The pair is now looking to test the 38.2% of the move up from the post FOMC low at 1.11379. A move below could see a further move down toward better support defined by the 100 day MA and the 200 hour MA, both at 1.11205 area. The price action yesterday stalled near those MA before the FOMC (give or take), before shooting higher on the dollar selling.
Watching 1.11379 for some support buyers.
