January 27, 2023

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EURUSD runs from the 100 hour MA. Looks toward the 200 hour MA/50% retracement after stronger CPI

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Higher CPI

The EURUSD is running to the upside after the much stronger CPI data. The pair is down testing its 200 hour moving average of 50% retracement of the move up from the May for the low at 1.2077 and 1.20815 respectively. There is a initial bounce on the first test. A break below – and staying below – should solicit more selling today. 

 Higher CPI

PS. The price did break below the two technical levels to a session low 1.20712 but is bouncing back higher on the initial disappointment disappointment.  The 1.2100 and the broken 38.2% retracement at 1.21042 should provide some resistance.

Should the price cracked below the aforementioned support targets again, the 61.8% retracement of the move up from the May 5 low comes in at 1.20588. The 100 day moving averages at 1.20451.

The US stocks have moved lower with the NASDAQ index down -200 points. The the NASDAQ futures are faring worse with the decline of -187.5 points.  The S&P index is trading down -35 points.

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