Some key levels to eye for some of the major currency pairs
Ahead of the Fed decision and presser, what levels are sticking out for some of the major pairs
EURUSD: The EURUSD has stayed just below the 200 hour MA in trading today. That MA comes in at 1.19144 currently. Move above and traders will then work on the 100 hour MA at 1.19306 currently and a downward sloping trend line a few pips higher. The price needs to get and stay above those levels to tilt the bias more bullish. On the downside, 1.1881 was the low yesterday and was a swing low on March 10 before moving higher. Below that and 1.1864 to 1.18677 was a swing level before the March low and 200 day MA near 1.1837.
GBPUSD: The GBPUSD has moved back below the 200 hour MA at 1.38911 tilting the bias lower. The pair is within a swing area (see red numbered circles) between 1.38529 and 1.3869. Move below that area, and traders will target the low from yesterday and the swing lows just ahead of 1.3801. The low for March reached 1.3778. That was just above a swing low from Feb 11 at 1.37748. If the pair is going higher, getting back above the 200 hour MA AND the 100 hour MA at 1.39103 is needed to open the upside with the 38.2% at 1.39546 would be eyed next. The 50% area near 1.4000 is another key target above. That level has a strong ceiling near it as well.
USDJPY: The USDJPY is trading near the high for the day and near the recent cycle highs too. Get above the 109.367 and the underside of the broken trend line, and door is open for the buyers. On the downside, getting below the 100 hour MA at 109.015 and the 200 hour MA at 108.81 is essential for the sellers to take back control. Absent that, and the buyers are still in control.
USDCAD: The USDCAD ran up to test the 100 hour MA at 1.24868 currently. Unless, the 100 hour moving average is broken, the sellers are in control. A move above would target the high for the week at 1.2500 and the swing low from March 11 at 1.25195. The 38.2% retracement of the move down from the March 5 high is up at 1.25495. On the downside, stay below the 100 hour moving average would have traders targeting near 1.2460 and the the lows for the week between 1.2434 and 1.2440. Those lows go back to 2018.