EURUSD chops its way back toward the MA support levels

Technical Analysis

Author: Greg Michalowski | eurusd

200 hour MA and key 100 day MA below

The higher CPI and better claims data today, has the market taking back some of the expectations for a 50 BP cut at the July meeting. The USD has also moved a bit higher as well.

EURUSD tests 100 day MA

For the EURUSD, the pair has backtracked toward the 200 hour MA at 1.12589 (testing now) and the key 100 day MA at 1.12543. THe low just reached 1.1258. Buyers are giving up a bit ahead of the Powell testimony.   

The pair is now testing the 100  day MA as I type. The pair closed at 1.1250 yesterday.  Moving into the red will be another more bearish tilt for the pair.   So far the dip buyers are leaning against the 100 day MA but the bounce is still limited. 

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