EURUSD shows bearish momentum as it falls below key moving averages; watch for potential bullish developments above resistance levels and monitor support for further confirmation.
The EURUSD is moving to a new low on the day and in the process is moving away from the 200 hour MA and the 100 bar MA on the 4 hour chart. Those MAs come in at 1.0514 and 1.0522 respectively.
Into the FOMC rate decision and moving above that area is needed to increas the bullish bias. If so, the next topside target would come in at the 38.2% of the November trading range at 1.05628. Move above that ans the 200 bar MA on the 4-hour chart comes in at 1.05825, followed by the high swing area between 1.05926 and 1.06.097.
That would be the steps for a more bullish move in the EURUSD (a lower USD).
On the downside - which is the dominant bias - the low of the up and down swing area comes in at 1.0448 to 1.0461. Move below that area would target the swing low from November 26 at 1.0424. Below that the 1.0405 is the 50% of the range in the EURUSD since the 2022 low. Move below that, and the low from 2024 comes in at 1.0332.