Moves from 60B to 30B for 9 months. Will keep rates the same «well past the end of QE»The EURUSD has moved about 50-60 pips lower after the ECB statement. The pair has moved from about 1.1814 to 1.1760 so far. We trade at the low with little in the way of a corrective. move so far.
Technically, the price fell back below the 200 hour and 100 bar MA on the 4-hour chart both at 1.1783 AND the 100 hour MA at 1.17748. Those levels will be risk now for the shorts.
The trading range for the month remains very narrow (3 lowest since the start of the EURUSD I think). The low for the month came in at 1.1668 back on October 6th. The 100 day MA comes in today at 1.16759. The low in August came in at 1.1661. That area at 1.1661-758 has a lot of «bullish above, but bearish below power in a relative small area. If there is a move lower and a test it will be interesting to see if the buyer enter or the sellers go for the stops and run it?
Right now, the bias is back bearish below the MA. There are closer swing lows to get through including 1.1751, 1.1742, 1.1729 and the week low at 1.1724.