The Big Event in Friday with Powell testimony
There were a couple who wanted a 50 bp cut, and several did not want to do anything. Most thought the cut was a mid-cycle adjustment.
The tilt was to more hawkish at first at least for the EURUSD. The EURUSD quickly fell to a low of 1.1081 area but quickly bounced. We currently trade at 1.1100.
The 100 hour MA comes in at 1.1093 currently (blue line). The pair has been trading above and below the MA line today. However, the NY session spent most of the time above the MA line.
ON the topside, the 1.1100 to 1.11115 area has stalled the topside run today. The high reached 1.1106 today – between the area.
Stocks moved lower but has rebounded. The S&P moved to 2917.91. The price is back at 2922 now.
EURUSD is back near the highs for the day as I type.