EURUSD sellers push to the downside ahead of the FOMC rate decision

The EURUSD is moving to a new low for the day and in the process moving away from the 200 hour MA and the 100 bar MA on the 4 hour chart. These MAs come in at 1.0514 and 1.0522 respectively.

A FOMC rate decision and a move above that area is needed to increase the bullish bias. If so, the next top target would come in at the 38.2% of the November trading range at 1.05628. Move above that and the 200 MA bar on the 4-hour chart comes in at 1.05825, followed by the upper swing area between 1.05926 and 1.06.097.

Those are the steps for a more positive move in the EURUSD (lower USD).

On the downside – which is the main bias – the low of the up and down swing range comes in at 1.0448 to 1.0461. A move below that range would target the swing low from November 26 at 1.0424. Below that is 1.0405 the 50% of the range in the EURUSD from the 2022 low. Move below that, and the 2024 low comes in at 1.0332.

Technical Analysis: EUR/USD

Resistance Levels:
- 200-hour moving average (MA): 1.0514.
- 100-Bar MA on the 4-Hour Chart: 1.0522.
  - A move above this range is required to increase the bullish bias.
- The next targets above:
  - 38.2% retracing the November range: 1.05628.
  - MA 200-Bar on 4-Hour Card: 1.05825.
  - Main swing area: 1.05926 – 1.06097.
    - A move through these levels would confirm a stronger bullish reversal.
Support levels:
- Low swing range: 1.0448 – 1.0461.
  - A break below would trigger a bearish trend.
- November 26 goes down: 1.0424.
- 50% back on low range 2022: 1.0405.
- 2024 Low year: 1.0332.
  - Other unfair targets will appear if these levels are breached.
Market trends:
- The main trend remains bearish, with the pair trading below both the 200-hour and 100-bar MAs.
- Bulls need to get back 1.0514 – 1.0522 movement transition, with additional benefits depending on breaking higher levels of resistance.
- Sellers maintain control as long as the price remains below these key moving averages and swing levels.
Main focus:
- Look for a break above 1.0514 – 1.0522 for possible bullish developments.
- Track support at 1.0448 – 1.0461 and below for further bearish confirmation.