What would be more bullish/bearish for the pair
The EURUSD has been trading in a narrow 42 pip trading range today. The pair has also positioned itself between some technical levels that will be used to define a more bullish or bearish bias depending on Yellens tilt. More dovish and EURUSD heads to test the topside resistance level On a more hawkish Yellen and the pair heads to test the lower key targets.
Looking at the hourly chart, the topside targets for the pair come in at:
- 1.0633. The 200 bar MA on the 4-hour comes in at that level
- 1.0645. The 100 hour MA come in at that level. The price of the EURUSD has remained below that MA since breaking below on Feb 6th.
- 1.0656. There have been some swings at that level
Moves above these levels should be more bullish.
ON the downside, the 50% of the move up from the Jan 3rd low comes in at 1.05839. Around that key retracement is the swing low from Jan 16 (at 1.05786) and Jan 19 at 1.05879. A move below that level should be more bearish.
