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EUR/USD rejects a close below support but rebound is anaemic

Yesterday the EUR/USD did briefly dip below its 200 day moving average, when it fell to a low at 1.0835. That moving average was in place then at 1.0840 and the slight dip below it merely suggested the removal of some weak stops, because there was no follow-though. The EUR/USD later recovered modestly, reaching a high at 1.0868 ahead of the US close. That US close was later set at 1.0866. Today it has so far topped out at 1.0872 and edged back to session lows a moment ago, at 1.0856. Of course the range is tight and that has much to do with the looming Fed monetary policy decision this evening. Meanwhile, that 200 day moving average remains in place at 1.0840. The price action so far today suggests that price point is still on the radar again today. The EUR/USD is currently trading at 1.0859 
 

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