Support & Resistance

The EURUSD trades above and below the parity level as the market digests the ECB rate move

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The ECB raised rates by 75 basis points as expected, but the bias is lower. The EURUSD is trading above and below the parity level with support target at 0.9951. ON the topside, the 100 day MA did a good job of stalling the rise at 1.0088. It would take a move above that level to give the buyers more control. Right now the sellers are more in control in the short term.

The USDJPY is seeing a rebound after a few days of technical selling (without intervention). Technicals led the way lower but today there is a rebound off the lows.