Trades between 100 and 200 hour MA.
The EURUSD had a rollercoaster ride off the Yellen prepared text. She is reading that right now before the Q&A portion.
From the prior post the 1.1435-65 level remains a key level. The price moved initially below (more on wider broker spread) and then moved above the area at 1.1479. Since then, it has been a steady move lower. The tune changed technically to more bearish below the 1.1435 level.
What now?
The price has moved to the 50% of the move up from the July 5th low at 1.1400. That is a nice round number as well (needless to say). The 200 hour MA is above at 1.1416. ON the downside the 1.13918 is the 200 hour MA. If I were to characterize the current price level it would be at the neutral level. Traders have a decision to make from here.
1. Go higher and retake the 1.1435-65 level or
2. Head below the 1.1400 and 1.13918 level and explore the downside.
The wild card?
A Yellen comment that upsets the apple cart.
