The EURUSD has moved higher after Fed Powell signaled a shift/tilt toward easing. As a result, the odds of a September rate cut moved close to 100% and 2 cuts are now priced in between now and the end of the year.
Technically, the price spike higher extending above both its 100 and 200-hour moving averages at 1.1692 and 1.17128. The high prices from Monday and last week reached 1.1714 and 1.17303. Moving above those levels would have traders looking toward the high price from July 24 at 1.17874. The high price was reached on July 1 at 1.18289.. Their mistakes
The close risk for sellers is a move back below 1.16924. Move below that level, and I think there would be disappointment on the failed break.
Last week, the buyers had their shot above this area and failed on 2 separate occasions. Today, with more certainty from the Fed, the market is making another play to the upside.
