Retests that ole 200 hour MA - Dollar falling...
The EURUSD has had it's ups and downs in trading today, with the 200 hour MA playing a role on the topside. There was a test and a fall. There was a break, and a fail. We are now back up testing the 200 hour MA at a slightly lower level (and moving through it as I type)
Traders who want to take a flyer might look to give it another go, but it seems like the buyers might be looking for a little more. Reasons:
- The correction off the high held the underside of the broken trend line,
- the range is still narrow.
So a retest of the high for the day and 38.2% at 1.0636 might be what the market is after now. A break above it will look toward the higher trend line at 1.0649 currently. This line connects high from November 12 and November 19.
Meanwhile, over in the USDJPY, the pair is back down testing the 100 and 200 hour MA and 50% at the 122.79 area.
And the AUDUSD, keeps the bulls and the trend in tact - extending to new