Retraces back to 38.2% and 100 hour MA
The 100 hour MA was busted after an initial test held earlier today. That break sent the pair from 108.42 to the low of the day at 108.04. The price has rebounded back higher and is up retesting the broken 100 hour MA at 108.435 AND the 38.2% of the move down today at 108.408. I would expect that traders will sell against the area with stops on a break above. It is just a low risk trade.
Comments from Fed officials that they are likely to remain on hold helped to weaken the greenback. Stocks are heading to new session highs which has possibly helped the rebound a bit.
