EURUSD moves up to test 200 hour moving average. Finds sellers on the first look

The weaker US I sent dated pushed the EURUSD higher and up to the 200-hour moving average target at 1.06897. Also near that level is the underside of the channel trend line that was broken during yesterday’s trade. The high price reached 1.06907 just above that target level and sellers leaned. The price is currently trading at 1.06845.

As mentioned in the kickstart video, the 200-hour moving out and 100-day moving average at 1.0703 will be the key barometer through the FOMC rate decision. Moving above each would tilt the bias more in the buyer’s favor. Conversely, staying below would give the sellers the edge.

It seems that buyers from earlier today took the opportunity to sell against resistance – at least on the first look.

This article was written by Greg Michalowski at www.forexlive.com.