Technical Analysis

EURUSD holds 100 hour MA. GBPUSD bounced higher but has dipped back down

The dollar is generally little changed after Powell’s prepared remarks ahead of his testimony on Capitol Hill.

The EURUSD traded down to the 100 hour MA at 1.16858 before the report, but has bounced to 1.1695 currently. The 200 hour MA is at 1.17074  The pair remains contained by the MAs. The price trades at 1.1702 currently.

The GBPUSD is moving a bit higher (lower dollar) after the headlines. The pair is up about 25-30 pips from the low and about 20 or so pips from 10 AM ET. 

The USDJPY tested the Friday high at 112.796 just before the release of the headlines. The high reached 112.78. That ceiling held. We are currently trading at 112.65. The 100 hour MA is at 112.34 (and rising). That MA will be eyed by bulls and bears going forward. Stay above keeps the buyers  more in control.  Move below and there may be more of a corrective move in the pair. 


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