EURUSD retests 100 hour MA at 1.18519

Technical Analysis

Author: Greg Michalowski | eurusd

If the sellers are to stay in control, staying below the MA will be the barometer

The EURUSD in the NY session tested the London session low after breaking below the 200 hour MA (green line) but could not get through it or the recent lows down toward 1.1813. 

If the sellers are to stay in control, staying below the MA will be the barometer
The move back to the upside took the price back toward the 100 hour moving average currently at 1.18519. If the bias is going to remain marginally bearish, stay below the 100 hour moving average is required. So far the moving averages holding resistance.

For sellers to take more control, however, getting back below the 200 hour moving average 1.18257 and extending below the 1.18135 area is still needed. Below that the 30.2% retracement of the move up from the member low to the November high comes in at 1.17981 (right around the 1.18 natural support level). 

For now, the buyers and sellers can both stake some claim to control. Get outside the aforementioned moving averages, however, and there will be a shift in the favor of the break direction.

PS. Remember the range for the EURUSD is only 80 pips so far this week. That is a low is trading range for a trading week in 2020.

For bank trade ideas, check out eFX Plus
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose