EURUSD technicals
The EURUSD initially moved higher after the core CPI came in lower-than-expected 0.2% (unrounded 0.228%).. The high price reached 1.1690. That came up just short of the 100 hour moving average at 1.16922. Earlier today, the price also found willing sellers ahead of them 100 hour moving average and in trading on Friday, the price rise also stalled at the 100 hour moving average.
The holding of that resistance increases that levels of importance going forward from a technical perspective. It would take a move above that moving average with momentum to increase a bullish bias and shift the sellers to buyers.
On the downside, we been looking at the 1.1663 to the 1.1691 area as a key swing area. That area goes back to April to November 2021. Yesterday, the price did below that area on a number of different occasions and also will below earlier today. The low price off of the data just reached 1.16616 just below it, but has bounced back. If the 100 hour moving average is important on the topside, getting and staying below 1.1663 is just as important.
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