The run higher yesterday, is reversed today
EURUSD reverses the gains from yesterday back to 100H MA.The run higher yesterday that saw the EURUSD move above the ECB spike high from last week at 1.11207, but ran out of steam ahead of the March high at 1.11429 (the high reached 1.1137).
The price action today, has now seen the price nearly retrace the entire move higher from yesterday (the low was 1.10056 yesterday and the low today just reached 1.1015). The pair is also back down testing the 100 hour MA at 1.10162. A move back below the 100 hour MA and then 200 hour MA at 1.09903 would sour the bullish mood for more traders.
Recall from yesterday as well, the EURUSD price based at that 200 hour MA twice before moving to the upside. Moving below would be more bearish from a technical perspective.
Fed’s Waller is speaking and says he favors front loading rate hikes. In favor of 50 bps or more at coming meetings. Want’s to see more neutral by the end of the year at 2% to 2.25%. More hawkish at least in the short term.