EURUSD dips into the gap

Technical Analysis

Author: Greg Michalowski | eurusd

Mind the gap.  EURUSD gap from April 2017 is from 1.07768 to 1.0820

The EURUSD has dipped into the long standing gap that does back to mid-April 2017. That gap is from 1.07768 to 1.0820. The price is currently at 1.0813. The low reached 1.0810 so far today.  

Mind the gap.  EURUSD gap from April 2017 is from 1.07768 to 1.0820
Drilling down to the hourly chart, the pair is trading near the session lows.  The price did "sideways" above a topside trend line, but could not sustain any upside momentum on the break.  On the topside the falling 100 hour moving average at 1.08487 remains a hurdle for buyers. If the bottom is to be made, not only will the topside trend line need to be broken, but so will the 100 hour moving average (blue line in the chart below). The price of the EURUSD has not been above its 100 hour moving average since February 4. 

The EURUSD on the hourly chart is trading below its 100 hour moving average
Mind the gap Traders are given the pressure on the EURUSD and in the process eating way at the newly 3 year old gap.  

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