The 100 and 200 week MAs come in at 1.16028 and 1.15698.
There is nothing better than a follower beating you at your own game and with it, adding a needed view to the technical dialogue.
Ricardo Rivadeneyra tweeted the following in reply to an earlier post:
Now... the EURUSD may be trading in a modest 25 pip trading range today, BUT the pair is indeed below both the 100 week moving average at 1.16028 (see blue line in the chart below) AND the 200 week moving average 1.15698 (green line in the chart below).
The price fell below those moving averages yesterday. The high price today reach 1.15717 just a few pips above the lower 200 week moving average at 1.15698. However, sellers entered and pushed the price lower. Sellers leaned near the 200 week MA. That levels importance increased on the selling today near that MA level.
As Ricardo says, "as long as it remains under these two MAs, its bearish". I couldn't have said it any better.
Beautiful. Thanks Ricardo.
