EURUSD trades at new session highs

Technical Analysis

Author: Greg Michalowski | eurusd

Trying to move away from the 100 hour MA

The EURUSD trades at a new session high of 1.1408 (so far). In the process, the pair is moving away from its 100 hour MA (blue line) at 1.13750. 

Admittedly, the price has traded above and below that MA in trading today after a move higher in the Asian session.  The dip in the London/NY session stalled ahead of the 1.1356 level.   The area between 1.1356 and 1.1365 is a swing area over the last 4 trading days (see yellow area in the chart above).  

The 1.1356 is an important level from another chart too.  What is the significance?

That level is the 200 week MA (green line in the chart below).  The price fell below that MA for the first time this week - the first break since November 2017.  Getting back above is bullish.  

For a more detailed look at the EURUSD, see my post from late yesterday "EURUSD inches back toward the 200 week MA. Buyers try to bottom the pair." The buyers seem to be succeeding in bottoming the pair - at least for now.  

The next key target area is the 1.1425 to 1.14313 area. That is where the 38.2% retracement is located and swing highs for the week. 
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose