A quick review

The EURUSD moved up to test the 200 day moving average at 1.1096. The high printed 1.1098 and currently trades at 1.1092. Prior to the release the price dipped to 1.1082. So not much going on there except the 200 day MA remains a key level for the third straight trading day (Monday it held support. Tuesday it fell through and held resistance. And today the level remains a resistance level for traders).

The USDPY is trading in a a 15 pip range since the release. 101.15-30. The low is the 61.8% of the range today (at 101.153). . The USDJPY has moved up from a low of 100.18 reached in the London morning trading session.

The GBPUSD like the EURUSD and USDJPY has seen minimal price movement. The pair remains down on the day but well off the "capitulation" low at 1.2791 reached during the Asia-Pacific session. The midpoint of the day's trading range is at 1.29083 and the low prior to the meeting minutes releases stalled at 1.29083. So sitting at the middle of the day's range. The 1.3000 level was a support level yesterday (low reached 1.2999. Today after the price traded below the 1.3000 level, there has only been one 5-minute bar above that key level. That rejection makes that level even more important.

The USDCAD is moving below the 200 hour MA at 1.29704 level. The midpoint of the move down from the post-Brexit high to the post-Brexit low comes in at 1.2975. The price has been hanging around both levels and just printed below (and also made a new low for the day at 1.2962 (the prior low was 1.29636). Sellers on the break will want to see the price remain below 1.2975 now. Trades at 1.2971.

With the employment on Friday, the market may look for neutral levels to hang above and below until that time.

The EURUSD sellers had a chance to take it below the 200 day MA but we are back at it. That may be the neutral level to trade above and below until Friday.

For the GBPUSD the pair is at an extreme area. Moving back toward the 1.3000 level would not be surprising. I would need to see something positive from the short time frame charts (get and stay above 1.2936 which is the 100 bar MA on the 5-minute chart). If it gets above 1.3000 there could be more of a pre-report squeeze. EURGBP will have to join in.