Been trading above and below that MA over the last two days
The EURUSD has been running lower this week. The high was on Monday. The price fell below the 100 day moving average currently at 1.11086. It fell below the 38.2% retracement at 1.10642. Today, the price is trying to run away from the 200 bar moving average on the 4 hour chart 1.1046. That moving average is now close risk for the sellers. Stay below, keeps the sellers more in control.
On the downside, the 50% retracement of the move up from the October 1 low comes at 1.10288. We have been trading above and below that level over the last few hours of trading. There is a lower trendline that cuts across at 1.1020 that has so far held support. A move below opens up the door for a move toward the 1.1000 level in the pair.
- Two weeks ago, the EURUSD start at a high and moved to a low toward the end of the week.
- Last week, the price started below and moved toward the high at the end of the week.
- This week the price started the high and moved more aggressively to the downside.
We are still trading near the 50% retracement of the October trading range. So it may just be moving toward the midpoint of the recent trading range. Nevertheless, the sellers have taken more control this week.