EURUSD: The pair moved higher after the FOMC rate decision, reflecting a weaker US dollar, and tested the earlier high near 1.15294. The price reached 1.15283—just shy of that earlier high —before rotating back lower to trade around 1.1512 currently. On the downside, the 200-hour moving average at 1.14907 remains a critical support level. A break and sustained move below that level would increase the bearish bias from a technical standpoint and have traders looking toward the 38.2% retracement of the move up from the May low. That level comes in at 1.14164. Conversely, a move above the session high would shift focus toward the 100-hour moving average at 1.15398. Breaking through that level would strengthen the bullish bias going forward. The high price yesterday reached 1.1578. The high price from last week reached 1.16297.
GBPUSD: The high price for the GBPUSD moved up to test the highs for the day at 1.3475 which was just short of the high price for the day at 1.34755. The price is currently trading at 1.3448 off of that high level. The key level on the downside remains the 200 bar movie average on the four hour chart. That level comes in at 1.34345. The low of a swing level comes in at 1.3423. The low for the weekend the low from May 29 comes in near 1.3413. The price remains within a neutral area below 1.34729 and above the 200 bar movie average on the four hour chart at 1.34345.
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