The EURUSD spiked higher after the CPI data but respected the 200 hour MA for the 2nd time today. In the kickstart video, I outlined how the price needed to get above the cluster of MAs to increase the bullish bias. That was not done. Sellers leaned. The price moved back down.
The selling has taken the price back toward the low for the day but the next key target comes between 1.0448 and 1.0461. Given the ceiling above the expectations are for a rotation back down toward those levels.. Get below and the November 26 low at 1.0424 becomes next target. Below that the 50% midpoint of the range since 2022 is at 1.04053 (see daily chart below).
This article was written by Greg Michalowski at www.forexlive.com.
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