The EURUSD moved higher (lower USD) after the Fed cut rates by 50 bps. The price extended higher and toward swing highs for the year. The 2nd to last swing high target was at 1.11897, and that level was reached. What wasn’t reached was the double top at 1.12009 from August 23 and August 26..
Buyers turned to sellers as Powell held back on it is pedal to the mettle on cuts. The price has moved below its 100 hour moving average at 1.1108, and tests a swing area between 1.10976 and 1.11042. Move below that level and the 200- hour moving average at 1.10741 will be tested.
Hold here and the focus returns to 1.1131 to 1.1140. .
This article was written by Greg Michalowski at www.forexlive.com.
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