What technical levels are in play for the EURUSD
With the FOMC decision at the top of the hour, what are some key technical levels in play through the report (the Fed is largely expected to ease by 25 basis points of course).
The EURUSD is currently trading above and below the 200 hour and 100 day MAa at the 1.1120-21 area (trade at 1.1121 currently). That level willl be a barometer through the decision.
A move above will have traders looking toward the October swing highs at 1.1153 (swing highs from Oct 22 and October 24 on the hourly chart above), 1.1162 (high from October 24), and then the high for the month at 1.11788. A move above the high for the month opens the door for a test of the 200 day MA at 1.11954 (KEY level).
On the downside, the 100 hour MA at 1.10992 now (blue line) held support at the lows today. If the dollar goes bid and the EURUSD falls, a move below that level (and staying below) would be more bearish. The 50% at 1.10848 and then the floor lows for the week at 1.10724 area are other downside levels to eye.
A move below the floor, will look toward the swing low from August 1 at 1.10265.
