ECB Vujcic:
- It has become more difficult to forecast food inflation due to climate change
- There is a risk of surprises
The EURUSD has moved below the 200 hour moving average at 1.1559, tilting the buyers increasingly to the downside. Yesterday - and coming into the North American session - the price had broken above the 38.2% retracement of the range since the mid-October high. That level comes in at 1.1567.
In the North American session today that support has been broken along with the 200 hour moving average (Green line on the chart below) at 1.15591. The price has moved back to a swing area between 1.1541 and 1.1546. Below that and traders will look toward the rising 100 hour moving average which comes in at 1.15363.
