EURUSD trades above and below 200 day MA

Technical Analysis

Author: Greg Michalowski | eurusd

200 day MA 1.1880

The EURUSD has been able to extend above its 200 day MA today near the 1.1880 level. The high price extended to 1.18978, but has worked back lower in early NY trading. The pair is trading above and below the 200 day MA the moment and is threatening to lead to a fail on the break.

200 day MA 1.1880

The low today did hold a swing are between 1.18626 and 1.18677.  The low reached 1.18634 and chopped higher off that support area.  If the price decline moves back below that level, the sellers will take back even more control today.   

The pair has been up 4 of the last 5 trading days.  The price closed at 1.1876 yesterday. A move into the negative would be a modest negative for the pair (close risk level).  Stay positive and the buyers will be content.  Keep an eye on that level for intraday clues. Moving back below the 200 day MA and head more comfortably in the negative for the day, would give buyers some reasons to bail.  

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