EUR/USD continues to navigate between the hourly moving averages

Technical Analysis

Author: Justin Low | eurusd

EUR/USD still in ping pong territory

The pair continues to range between the 100-hour (red line) and 200-hour (blue line) MAs, awaiting the next break out.

It makes for good two-way trading, but not exactly the most exciting stuff.

The move in recent days is an indicator of the pair's overall trend so far this year - consolidation and range-bound movement. The daily chart shows how much that is the case for the pair:

Once again, the long-term trendline support should be a level of interest for buyers and will be a key level for the pair in the event of any downside move. But based on how the pair is trading this year, the lower levels of the range remain more crucial in terms of support levels.

In terms of risk events today, there is US retail sales data later in the day so do look out for that.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose