Sellers stay in near-term management
However draw back transfer stays restricted by the 1.3200 deal with and the 100-day MA (crimson line) @ 1.3182. Regardless of a reiteration of dovish feedback by Fed officers yesterday, it proved to not be sufficient for the pair to seek out additional draw back so merchants will now have to attend on the US CPI launch later for a potential catalyst to resolve which course the pair shall be heading subsequent.
As talked about yesterday, the pair could be very a lot sitting in “no man’s land” in the meanwhile with sellers retaining near-term management as value nonetheless sits beneath the 100-hour MA @ 1.3262 however continues to seek out it troublesome to interrupt beneath the 100-day MA.
The pair is now at session lows @ 1.3196 however until sellers can discover a technique to break beneath the 100-day MA, it is nonetheless very a lot a case of discovering the following directional transfer as merchants proceed to reassess value motion at these ranges.