EURUSD remains within a defined support and resistance range after the FOMC decision, with price action holding key technical levels. The resistance target near 1.0936 – 1.0954 continues to cap gains, while the support target below at the 61.8% at 1.08174 provides a floor for now.
In today’s session, the pair has struggled to break back above the 100-hour moving average at 1.0896 over the last few hours, signaling a potential shift in bias toward the downside. If sellers maintain control and push lower, attention will turn to the 61.8% retracement level at 1.0817 as a critical downside marker. A break below this level would open the door for further losses.
Conversely, a move back above 1.0896 would ease bearish pressure and could see a retest of resistance near 1.0936 – 1.0954. A break above this range would confirm a stronger bullish bias and extend upside potential.
Key Levels to Watch:
- Resistance: 1.0896 (100-hour MA), 1.0936 – 1.0954 (major resistance)
- Support: 1.0817 (61.8% retracement), 1.0767 – 1.0760 (support target)
The battle between buyers and sellers continues, with traders closely monitoring these technical levels for the next directional move.
This article was written by Greg Michalowski at www.forexlive.com.