TECHNICAL ANALYSIS

The US dollar starts to rise higher as stocks trade low


Buying dollars seen on stock decline

EURUSD: EURUSD rose to test its 200-hour moving average following the FOMC’s decision at 1.21288, but has since turned lower and stocks are trading to new session lows. The price is currently trading just below the 1.2100 level and below the 61.8% retracement of the rise since Jan 18th at 1.21049. The next target area is between 1.20756 1.20806

GBPUSD: The GBPUSD has fallen below its swing zone between 1.3700 and 1.37088 and the 100 hour moving average at 1.36964. The low extended to the next target at 1.3679. A move below that would lean towards the 38.2% retracement of the move from Jan. 18 at 1.3667 and the 200 hour moving average of 1.36607. Earlier today, the price stalled from the 200 hour moving average. The closing risk is now the 100 hour moving average of 1.36964 as a bias and is back on the downside.

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