A more bullish bias as Fed decisions nears
The EURUSD has pushed higher in trading in the NY session. Adam outlines a few reasons HERE for the reversal.
Technically, the pair did fall below both the 200 day MA and the 200 hour MA on the way to the days lows. It even broke below the 50% of the September trading range at the 1.12296. However, the pair got a push after the weaker than expected CPI (well slightly weaker) and that has snowballed in the upward direction.
The move up has been able to extend above the topside trend line and the 100 hour MA now at the 1.1288 and 1.1294 levels respectively. The high price did come up short of the 1.1319-31 area where there have been a number of swing highs. For the rest of the day, traders will likely use broken trend line and the 100 hour MA as the downside support and the 1.1319-319 as the topside resistance. A move above or below those area should solicit additional momentum in the direction of the break. Bulls are still in control though.
